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National Life Records Strong Gains in 2004

first_imgNational Life Records Strong GainsIn Financial Results and Sales in 2004Montpelier, Vt. (March 4, 2005) – The National Life Group recorded a strong increase in net income in 2004, along with solid growth in total sales and positive investment returns.Net income on a consolidated basis, including all the companies within the National Life Group, was $86 million, an increase of more than 11% over the previous year and a record level for the company.Results across most product lines were also strong, with each of the Group’s sales divisions posting increases over the previous year. Annuity sales increased 29%, the company’s Sentinel Funds sales again exceeded $1 billion, with life sales down slightly from the previous record year. An overall life milestone was reached by the company in 2004, however, when it reached a total of $50 billion in life insurance in force.The National Life Group’s total gross revenue exceeded the $1 billion level for the seventh consecutive year, reaching $1.3 billion. The company paid over $500 million in policy benefits and policyholder dividends in 2004, an increase of some $75 million over the previous year.Total assets under management of the National Life Group reached a record $17.2 billion, up 6.5% over the previous year, and total equity rose to an all-time high of $1.2 billion.”From virtually every standpoint and measure of achievement, 2004 was an exceptional year for the National Life Group,” said Thomas H. MacLeay, the company’s chairman, president and CEO. “These strong results help create greater financial security for those who own or benefit from the company’s products, and our growth in capitalization gives the National Life Group additional resources that provide security against unforeseen events and to support continuing growth.”The National Life Group is composed of the flagship company, National Life Insurance Company, founded in Montpelier in 1850, NL Capital Management Company, the Sentinel Companies, Equity Services, Inc., Life Insurance Company of the Southwest, of Dallas, Texas, and American Guaranty & Trust Company of Wilmington, Delaware.###last_img read more

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Sydney’s stamp duty 24 times higher than Brisbane’s

first_img“Sydney just stands out so remarkably as being exceptionally unaffordable,” said Tim Lawless of CoreLogic RP Data.Corelogic RP Data’s latest Property Pulse release assessed how much first homebuyers in each capital city needed to save in order to cover deposit and stamp duty for their city’s most affordable housing.The numbers were calculated on each capital’s 25th percentile home price, which measures property values in the lower half of each city’s price range.Based on the measure, a first homebuyer in Brisbane looking to save a five per cent deposit on a $390,000 house would require $20,543.The same purchaser in Sydney would be looking at a house worth $666,000, and would require $59,033 to cover deposit and stamp duty.Tim Lawless, head of research at CoreLogic RP Data, said a big reason for the difference was stamp duty.In the example above, Stamp Duty in Queensland was around $1043 while in Sydney it was $25,733.“It really does highlight the startling affordability opportunity that Brisbane is offering to the marketplace,” Mr Lawless said.More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours agoHe said a combination of factors made Brisbane a very attractive proposition for buyers.“If you look at something as simple as the dwelling-price-to-income ratio, in Sydney you’re looking at a … dwelling price that’s about 8.5 times higher than a typical household income, whereas in Brisbane its around six times — so it’s quite a bit lower.”He also said Sydney’s median house price was approximately 80 per cent higher than Brisbane’s.“Sydney just stands out so remarkably as being exceptionally unaffordable,” he said.Mr Lawless said the main factor holding Brisbane property back was low employment and, for this, government and industry need to step up.“Offering tax incentives for businesses looking at relocating to Queensland is one ideal way the government could be helping boost the number of jobs being created in the state, or even providing some level of taxation concessions to existing businesses.“But of course there’s other things — building infrastructure of course is another real stimulus from the government that funds more jobs and opens us to productivity.”Follow Kieran Clair on Twitter @kieranclairlast_img read more

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