Western & Southern Achieves Record Financial Results in 2021

Western & Southern Financial Group •
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Western & Southern Financial Group announced today that for the year ended Dec. 31, 2021, the company earned record net income of $1.2 billion, an increase of $845 million over 2020 net income of $371 million, which was negatively impacted by COVID-19. In addition to net income, the company achieved record estimated Fortune 500 revenue of $9.5 billion compared to the prior record from 2020 of $8.1 billion.   

The company also produced new highs in life and health premiums ($2.1 billion), annuity premiums ($3.8 billion), mutual fund sales ($7.5 billion), third-party fee income ($361 million), and net investment income of $2.3 billion in 2021. 

Operating income, a key measure for managing the business, was $535 million for the year. This was a $198 million increase over the prior year, and the highest ever. Operating income excludes realized gains and losses as well as income taxes.

Western & Southern’s balance sheet at year’s end also reached record highs as the company’s owned assets totaled $66.9 billion and managed assets grew to $44.7 billion, for a total of $111.6 billion of assets owned and managed. This includes the acquisition of $6.8 billion in mutual fund assets from AIG in 2021. 

“Our financial position at the end of 2021 was the best in our company’s history,” said John F. Barrett, chairman, president and chief executive officer of Western & Southern. “Through organic growth, new distribution partnerships, and strategic acquisitions – including the purchase of certain AIG mutual funds and last month’s acquisition of Fabric Technologies, Inc. – Western & Southern continues to grow and diversify. Our company’s financial strength ratings from the major rating agencies remain very strong, and our capital-to-asset ratio – another key financial strength measure – finished 2021 among the industry’s highest at 19.6%.”

Western & Southern continues to develop new and innovative products, expand distribution, and make significant investments in technology. The company is committed to helping its customers meet their financial needs through superior service and an ever-expanding range of insurance, investments and retirement solutions.

For mutual companies like Western & Southern, Fortune 500 revenue is reported on a statutory accounting basis. Because of that, the numbers differ from GAAP (Generally Accepted Accounting Principles) figures cited in Western & Southern’s annual report.