National Western Life Group, Inc. and Prosperity Life Group have announced that the acquisition of National Western by Prosperity Life Group's subsidiary, USA Life Insurance Company, Inc. ("SUSA"), is expected to close no later than Thursday, July 11, 2024. The transaction is valued at approximately $1.9 billion, with each share of National Western common stock to be converted into the right to receive $500 in cash at closing.
As of March 31, 2024, National Western Life Group, Inc. maintained consolidated total assets of $12.1 billion, consolidated stockholders' equity of $2.5 billion, and combined life insurance in force of $17.7 billion. On the other hand, Prosperity Life Group, a marketing name for certain subsidiaries of Prosperity Group Holdings, LP, is an innovative insurance, reinsurance, and asset management company. Its underwriting companies are licensed in 48 states plus the District of Columbia.
The transaction, which was unanimously approved by National Western's board of directors, marks a significant development for the companies involved and is the result of receiving all required regulatory approvals. As a result of these announcements, the company's shares have moved 0.5% on the market, and are now trading at a price of $499.3. For the full picture, make sure to review National Western Life's 8-K report.
