At National Life, we care about what matters. 

What is that, you might ask? 

After 171 years, we’ve proudly served customers through world wars, depressions, flu epidemics, and some questionable fashion trends.And throughout those generations, we discovered what really matters has stayed the same all along. 

Family. Friends. Love. Trust.

It’s all...good.

That’s why we’ve been here since 1848, listening to our clients so we can help protect what matters to them. 

Living our values of Do good. Be good. Make good.

And looking forward to helping you focus on what matters for many years to come.

During “Big Game” Sunday, while other companies were spending big bucks on television advertising during the event in Miami, we were providing 1,700 meals to homeless women and their children in a neighborhood just northwest of downtown.

Instead of partying in the sky boxes at Hard Rock Stadium or spending millions for 30 seconds of TV fame at halftime, we did what we do best: An unexpected bit of good.

We’ve been putting policyholders first for 171 years. The companies of National Life Group are not publicly traded. 

We are independent and our mutual structure has allowed us to focus on our policyholders — and the greater good — since the chartering of National Life Insurance Company in 1848.

Our corporate values – Do good. Be good. Make good. – are not just words on a wall. They are who we are. 

We believe we have a responsibility to use our position and resources for something more than our own bottom line. In 2019 we launched an initiative to end childhood hunger in our home state of Vermont where one in eight households struggles with food insecurity.

In 2019 we also formed the National Coalition for Safe Schools, a teacher-led initiative to help K–12 educators take a leadership role in keeping America’s schools safe, with a national school safety summit in Alabama.

Through these efforts we are sharing our success with our clients and our communities. We are doing good.

At the same time we are doing very well. We remain one of the fastest growing life insurance companies in America.

In 2019 we were ranked a top 10 life insurer as measured by sales.2

We are financially strong:

• In 2019 we provided $3.3 billion in policyholder benefits, up 24% over 20183

• Our life sales of $361 million were up 17% over 20184

• Our total life insurance in force stood at $170 billion, an increase of 22% over 20185

• Our core earnings of $285 million were up 27% over 20186

What we do is critical: Our products keep alive the dreams of families, the hopes of small business owners and the dignity and financial independence of seniors. 

As critical, however, is the why that drives us.

Because good matters.

Mehran Assadi
Chairman, CEO & President


“We believe we have a responsibility to use our position and resources for something more than our own bottom line.”

National Life’s vision is to bring peace of mind to everyone we touch.
Here are some of the ways we worked toward this in 2019...

We served 938,171 customers,
handling every hour:

2,580 pages of mail

480 payment items

420 calls

120 applications

76 underwriting approvals

We adopted a cause to help end childhood hunger in Vermont, targeting more than $500,000 to hunger relief programs, hosting multiple food drives, serving 201 neighbors at a community meal in our cafeteria, building awareness through videos and community relations, and working with leaders from throughout the state to tackle this issue. 
National Life employees donated more than 7,400 volunteer hours and pledged $286,519 to their nonprofits of choice, matched dollar for dollar.
Our LifeChanger of the Year teacher recognition program honored 860 educators nationwide, awarding $70,000 in prizes.
And we welcomed more than 10,000 music festival attendees to our Vermont campus and have raised almost $200,000 over the past six years for cancer patients.

2019 Business Highlights


A.M. Best

Financial strength rating7

A (Excellent)

Third highest of 16

Standard & Poor’s

Financial strength rating7

A+ (Strong)

Fifth highest of 21


Financial strength rating7

A2 (Good)

Sixth highest of 21



for Fixed Indexed Annuities
in Employer Sponsored Plans8



for Indexed Universal Life
Insurance Sales9



 for individual life insurance sales out of almost
1,000 U.S. life insurance companies10



in total assets11



in total liabilities11



in total benefits equals promises kept3



in life insurance weighted net asset
premium, up 17% over 20184



in annuity weighted new annualized
premium, up 13% over 20184



in Single Premium Deferred Annuities, 
up 21% over 20184

At National Life Group, the strength of our balance sheet is our primary focus. We manage $31.9 billion in invested assets with the objective of keeping our promises. Our portfolio is well diversified and comprised primarily of corporate bonds, mortgage-backed securities and commercial mortgage loans. We maintain strong portfolio credit quality, with over 96 percent of invested assets rated BBB quality or higher. In 2019, our portfolio delivered strong investment performance within a challenging low interest rate environment. Against this backdrop, we continued to reduce risk with greater emphasis on higher quality securities. As a result, our portfolio remains well-positioned for continuing market uncertainty.

Board of Directors

from left to right

Roger B. Porter IBM Professor of Business & Government, Harvard University, Cambridge, MA
Carol Carlson Retired Partner, Ernst & Young, LLP, Needham, MA
Harris H. Simmons Chairman, Chief Executive Officer & President, Zions Bancorporation & Chairman, Zions First National Bank, Salt Lake City, UT
Thomas H. MacLeay Lead Director, Former Chief Executive Officer, National Life Group, Montpelier, VT
Mehran Assadi Chairman, Chief Executive Officer & President, National Life Group, Montpelier, VT
David R. Coates Retired Partner, KPMG, Colchester, VT
Bruce M. Lisman Retired, JP Morgan Chase, New York, NY
James H. Douglas Former Governor of Vermont, Middlebury, VT
Yvette D. Bright Retired, Independence Blue Cross, Philadelphia, PA

National Life is here to bring you peace of mind.
We’ve been keeping our promises since 1848. 
Believe in tomorrow. Do good today.

Products issued by

National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, VT in 1848, Life Insurance Company of the Southwest, Addison, TX, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.


No bank or credit union guarantee

Not a deposit

Not FDIC/NCUA insured

May lose value


Not insured by any federal or state government agency

Guarantees are dependent on the claims-paying ability of the issuing company.


  1. Among all reporting life insurance companies from 2014–2019 with individual life sales of at least $50M in 2014 — LIMRA Sales Reporting, 2019.
  2. LIMRA Sales Rankings, 4Q2019.
  3. Statutory basis benefits provided based on consolidated results of National Life Insurance Company (NLIC) and Life Insurance Company of the Southwest (LSW) for 2019. For NLIC only $401M.
  4. Based on the consolidated results of NLIC and LSW for 2019. For NLIC only life insurance weighted new annualized premium $53M, annuity weighted new annualized premium $9M, and single premium deferred annuities $1M.
  5. Based on consolidated results of NLIC and LSW. For NLIC only $50B.
  6. Based on consolidated results of all National Life Group (NLG) companies. This measurement only exists on a consolidated GAAP basis.
  7. Financial strength ratings for NLIC and LSW as of February 10, 2020. Ratings are subject to change. 
  8. LIMRA US Individual Annuity Industry Sales Report, 4Q2019.
  9. Wink’s Sales and Market Report, 4Q2019.
  10. LIMRA Sales Rankings, 4Q2019.
  11. Based on consolidated results of all National Life Group (NLG) companies, and stated on a GAAP accounting basis excluding bond unrealized gains and losses. Statutory basis financial figures: NLG consolidated: Admitted Assets $35.6B and Liabilities $33.2B; NLIC only: Admitted Assets $10.1B and Liabilities $7.8B.
  12. Consolidated financial information on a GAAP basis for NLV Financial Corporation and its subsidiaries which include NLIC, LSW, Sentinel Asset Management, Inc., and Equity Services, Inc. See disclosures 13 and 14 for separate financial information pertaining to NLIC.
  13. Statutory basis financial information for NLIC only: Admitted Assets $10.1B, Cash & Invested Assets $8.7B, Liabilities & Reserves $7.8B, Policyholder Reserves $3.5B and Surplus to Policyholders $2.3B.
  14. Statutory basis financial information for NLIC only: Total Income $692M, Benefits & Expenses $645M and Net Income $40M.
  15. Other includes Policy Loans, Derivatives, Unaffiliated Common Stock, Real Estate, and Housing Tax Credits.


This annual report summary of National Life Group (NLG) includes the consolidated results of NLV Financial Corporation and Subsidiaries, including National Life Insurance Company (NLIC), Life Insurance Company of the Southwest (LSW), Sentinel Asset Management, Inc., and Equity Services, Inc. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. In CO, MO, NH and WI, Equity Services, Inc. operates as Vermont Equity Services, Inc.

Click here to download a PDF file of the annual report.

To obtain a full version of the audited financial statements of NLV Financial Corporation and Subsidiaries, please send an e-mail to lifecustomerservice@nationallife.com or call our toll free number at (800) 732-8939.