# EDGAR Filing Document

**Accession Number:** 0001635984
**File Stem:** 0001635984-23-000002
**Filing Date:** 2023-3
**Character Count:** 12755
**Document Hash:** 0192ee8d55c812bef8e098ec197fddd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001635984-23-000002.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001635984-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230310

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** National Western Life Group, Inc.
- **CENTRAL INDEX KEY:** 0001635984
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55522
- **FILM NUMBER:** 23724661

**BUSINESS ADDRESS:**
- **STREET 1:** C/O NATIONAL WESTERN LIFE INSURANCE CO.
- **STREET 2:** PO BOX 209080
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78720-9080
- **BUSINESS PHONE:** (512) 719-0143

**MAIL ADDRESS:**
- **STREET 1:** C/O NATIONAL WESTERN LIFE INSURANCE CO.
- **STREET 2:** PO BOX 209080
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78720-9080

?xml version="1.0" ? nwli-20230310

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

______________________________

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported) **March 10, 2023**

**NATIONAL WESTERN LIFE GROUP, INC.** 

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-55522** | **47-3339380** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **10801 N. Mopac Expy Bldg 3** | **10801 N. Mopac Expy Bldg 3** | |
| **Austin,** | **Texas** | **78759** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(512) 836-1010** 

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class to be registered:** | **Trading Symbol** | **Name of each exchange on which each class is to be registered:** |
| Class A Common Stock, $0.01 par value | NWLI | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of the chapter) or Rule 12-b2 of the Securities Exchange Act of 1934 (§240.12b-2 of the chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition**

On March 10, 2023, National Western Life Group, Inc. ("Company") announced via press release the Company's financial results for the quarter and twelve months ended December 31, 2022. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

The press release is available at the Company's website, www.nwlgi.com.

---

| | |
|:---|:---|
| **Item 9.01 Financial Statements and Exhibits** | **Item 9.01 Financial Statements and Exhibits** |
| (d) Exhibits | (d) Exhibits |
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | Press Release dated March 10, 2023 |

---

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| | |
|:---|:---|
| SIGNATURE | SIGNATURE |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
|  | NATIONAL WESTERN LIFE GROUP, INC. |
| Date: March 10, 2023 | /S/Brian M. Pribyl |
|  | Brian M. Pribyl |
|  | Senior Vice President, |
|  | Chief Financial Officer |
|  | and Treasurer |

---

---

| | |
|:---|:---|
| **EXHIBIT INDEX** | **EXHIBIT INDEX** |
| Exhibit | Description |
| <u>[99.1](exhibit991-12x31x2022.htm)</u> | Press Release of National Western Life Group, Inc. issued March 10, 2023 reporting financial results for the quarter and twelve months ended December 31, 2022. |

---

## Exhibit 99.1

![newsreleaseheadernwlgia20.jpg](newsreleaseheadernwlgia20.jpg)

**EXHIBIT 99.1**

**National Western Life Group, Inc. Announces 2022 Full Year and Fourth Quarter Earnings**

Austin, Texas, March 10, 2023 - Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2022 consolidated net earnings of $101.1 million, or $28.60 per diluted Class A common share, compared with consolidated net earnings of $180.7 million, or $51.10 per diluted Class A common share, for 2021. The Company's book value per share as of December 31, 2022 was $552.04.

For the year ended December 31, 2022, the Company reported total revenues of $558.4 million compared to $824.1 million reported in 2021. Commenting on the results, Mr. Moody noted, "Our premiums and contract revenues were higher in 2022 at $226.9 million versus $224.3 million last year and death claims and other policy benefits paid decreased to $113.0 million from $126.5 million in 2021. As a result, our organization experienced a better outcome from a policy performance standpoint when measuring policy revenues in excess policy benefits." Mr. Moody added that, similar to industry year-end earnings released thus far, the Company's financial statements incurred declines due to the impact of higher interest rate levels and the negative impact higher rates impose when recording investment balances at fair market value. "Our investment revenues declined $219.1 million due to unrealized losses from recording trading debt securities and equity securities at fair market value. Despite the unrealized losses, over 98% of our bond portfolio remains investment grade," Mr. Moody observed.

For the three months ended December 31, 2022, the Company reported consolidated net earnings of $12.4 million, or $3.52 per diluted Class A common share, compared with $28.8 million, or $8.15 per diluted Class A common share, a year ago. Mr. Moody stated, "The rise in interest rates also greatly diminished the number of bond issuers calling their securities, which is the primary source of our realized investment gains." Mr. Moody further indicated that the increase in the Company's publicly traded common share price also influenced reported earnings. "The price per share of our stock increased 31% during 2022. This had a significant impact on liabilities we record based upon the market price of our stock. Pretax earnings were charged $15.2 million for the increase in these liabilities with nearly all of the increase occurring in the fourth quarter," according to Mr. Moody.

The Company's book value per share, excluding accumulated other comprehensive income (loss) which includes fluctuations from changes in fair value adjustments, grew from $639.09 at December 31, 2021 to $666.56 at December 31, 2022. Although considered a non-GAAP financial measure, the Company reports this metric to eliminate volatility caused primarily by interest rate level changes.

National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, both stock life insurance companies in aggregate offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. At December 31, 2022, the Company maintained consolidated total assets of $13.1 billion, consolidated stockholders' equity of $2.0 billion, and combined life insurance in force of $19.7 billion.

<u>Caution Regarding Forward-Looking Statements:</u>

This press release contains statements which are or may be viewed as forward-looking within the meaning of The Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks, and uncertainties. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements can be found in the Company's Form 10-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

------

**National Western Life Group, Inc.**

**News Release - Page 2**

***Summary of Consolidated Financial Results (Unaudited)***

*(In thousands except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| | December 31, | December 31, | December 31, | December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| **Revenues:** |  |  |  |  |
| Revenues, excluding investment and index option gains (losses) | $160711 | 161316 | 638908 | 688423 |
| Realized and unrealized gains (losses) on index options | 2307 | 50244 | (86866) | 120718 |
| Realized gains on investments | 50 | 5107 | 6355 | 14950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 163068 | 216667 | 558397 | 824091 |
| **Benefits and expenses:** |  |  |  |  |
| Life and other policy benefits | 45038 | 43152 | 159470 | 187577 |
| Amortization of deferred transaction costs | 32947 | 22739 | 121398 | 69462 |
| Universal life and annuity contract interest | 26736 | 78703 | 15678 | 213185 |
| Other operating expenses | 43526 | 36014 | 135817 | 126610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 148247 | 180608 | 432363 | 596834 |
| **Earnings before income taxes** | 14821 | 36059 | 126034 | 227257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2387 | 7247 | 24890 | 46576 |
| **Net earnings** | $12434 | 28812 | 101144 | 180681 |
| Net earnings attributable to Class A shares | $12082 | 27998 | 98283 | 175571 |
| **Diluted Earnings Per Class A Share** | $3.52 | 8.15 | 28.60 | 51.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Diluted Weighted Average Class A Shares* | 3436 | 3436 | 3436 | 3436 |
|  |  |  | December 31, | December 31, |
|  |  |  | 2022 | 2021 |
| Book value per share |  |  | $552.04 | 698.48 |
| Less: Per share impact of accumulated other comprehensive income (loss) |  |  | (114.52) | 59.39 |
| Book value per share, excluding accumulated other comprehensive income (loss) \* |  |  | $666.56 | 639.09 |

---

\* Book value per share excluding accumulated other comprehensive income (loss) is a non-GAAP financial measure. Accumulated other comprehensive income (loss) totaled $(416.4) million at December 31, 2022 and $216.0 million at December 31, 2021. Since accumulated other comprehensive income (loss) fluctuates from quarter to quarter due to unrealized changes in the fair value of investments caused primarily by changes in market interest rates, National Western Life Group, Inc. believes this financial measure provides useful supplemental information.

*Investor Relations Contact:*

Brian M. Pribyl - Senior Vice President, Chief Financial Officer and Treasurer

(512) 836-1010

bpribyl@nwlic.com

www.nwlgi.com

<br>