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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2023

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-55522

NATIONAL WESTERN LIFE GROUP, INC.
(Exact name of Registrant as specified in its charter)

Delaware  47-3339380
(State or Other Jurisdiction of Incorporation)  (IRS Employer Identification No.)
 
10801 N. Mopac Expy Bldg 3
Austin,Texas 
78759(512)836-1010
(Address of Principal Executive Offices) (Zip Code) (Telephone Number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:
Title of each class to be so registered:Trading Symbol Name of each exchange on which
each class is to be registered:
Class A Common Stock, $0.01 par valueNWLI The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes    No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). : Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definition of "accelerated filer." "large accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer   Accelerated filer     Non-accelerated filer (Do not check if a smaller reporting company)    Smaller reporting company   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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
As of August 7, 2023, the number of shares of Registrant's common stock outstanding was: Class A – 3,436,020 and  Class B - 200,000.


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TABLE OF CONTENTS
 Page
June 30, 2023 and December 31, 2022 (Unaudited)
For the Three Months Ended June 30, 2023 and 2022 (Unaudited)
For the Six Months Ended June 30, 2023 and 2022 (Unaudited)
For the Three Months Ended June 30, 2023 and 2022 (Unaudited)
For the Six Months Ended June 30, 2023 and 2022 (Unaudited)
For the Three Months Ended June 30, 2023 and 2022 (Unaudited)
For the Six Months Ended June 30, 2023 and 2022 (Unaudited)
For the Six Months Ended June 30, 2023 and 2022 (Unaudited)
2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

ASSETSJune 30,
2023
December 31,
2022
Investments:  
Debt securities available-for-sale, at fair value (cost: $8,083,487 and $8,438,760)
$7,324,100 7,611,633 
Debt securities trading, at fair value (cost: $1,254,993 and $1,269,597)
1,069,625 1,065,993 
Mortgage loans, net of allowance for credit losses ($3,736 and $3,575), ($19,422 and $19,334 at fair value)
495,411 505,730 
Policy loans69,123 70,495 
Derivatives, index options72,863 23,669 
Equity securities, at fair value (cost: $13,986 and $14,547)
23,157 22,076 
Other long-term investments300,466 262,106 
Short-term investments7,821 3,937 
Total investments9,362,566 9,565,639 
Cash and cash equivalents291,820 295,270 
Deferred policy acquisition costs (Note 1)644,933 663,882 
Deferred sales inducements (Note 1)78,209 85,303 
Value of business acquired (Note 1)134,097 138,495 
Cost of reinsurance (Note 1)72,276 78,328 
Market risk benefits asset (Note 1)40,073 48,759 
Accrued investment income90,607 92,250 
Federal income tax receivable5,489 6,508 
Deferred Federal income tax asset (Note 1)13,822 9,032 
Amounts recoverable from reinsurer, net of allowance for credit losses ($800 and $450) (Note 1)
1,611,143 1,688,788 
Other assets109,351 110,691 
Total assets$12,454,386 12,782,945 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
3

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)

LIABILITIES AND STOCKHOLDERS’ EQUITYJune 30,
2023
December 31,
2022
LIABILITIES:  
Future policyholder obligations:  
Liability for policyholder account balances (Note 1)$7,285,129 7,661,785 
Additional liability for benefits in excess of account balance (Note 1)151,787 148,708 
Liability for future policy benefits (Note 1)908,212 900,146 
Market risk benefits liability (Note 1)248,876 215,777 
Other policyholder liabilities148,113 175,089 
Funds withheld liability1,243,314 1,333,036 
Other liabilities190,755 157,482 
Total liabilities10,176,186 10,592,023 
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY:  
Common stock:  
Class A - $0.01 par value; 7,500,000 shares authorized; 3,436,020 issued and outstanding in 2023 and 2022
34 34 
Class B - $0.01 par value; 200,000 shares authorized, issued, and outstanding in 2023 and 2022
2 2 
Additional paid-in capital41,716 41,716 
Accumulated other comprehensive income (loss) (Note 1)(432,879)(478,219)
Retained earnings (Note 1)2,669,327 2,627,389 
Total stockholders’ equity2,278,200 2,190,922 
Total liabilities and stockholders' equity$12,454,386 12,782,945 

Note:  The Condensed Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Financial Statements as of that date.

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).

4

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands, except per share amounts)

 20232022
Premiums and other revenues:  
Universal life and annuity contract charges (Note 1)$37,124 32,821 
Traditional life and single premium immediate annuity with life contingency (SPIAWLC) premiums (Note 1)21,228 22,641 
Net investment income122,514 55,474 
Other revenues5,285 5,578 
Net realized investment gains26 1,766 
Total revenues186,177 118,280 
Benefits and expenses:  
Life and other policy benefits (Note 1)32,688 26,201 
Market risk benefits expense (Note 1)(788)(55,492)
Amortization of deferred transaction costs (Note 1)22,000 22,500 
Universal life and annuity contract interest (Note 1)32,947 (26,198)
Other operating expenses62,443 30,322 
Total benefits and expenses149,290 (2,667)
Earnings before Federal income taxes36,887 120,947 
Federal income taxes7,253 24,420 
Net earnings$29,634 96,527 
Basic earnings per share:  
Class A (Note 4)$8.38 27.30 
Class B (Note 4)$4.19 13.65 
Diluted earnings per share:  
Class A (Note 4)$8.38 27.30 
Class B (Note 4)$4.19 13.65 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).


5

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Six Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands, except per share amounts)

 20232022
Premiums and other revenues:  
Universal life and annuity contract charges (Note 1)$72,481 65,618 
Traditional life and single premium immediate annuity with life contingency (SPIAWLC) premiums (Note 1)42,804 48,782 
Net investment income212,423 125,198 
Other revenues10,990 11,375 
Net realized investment gains93 5,560 
Total revenues338,791 256,533 
Benefits and expenses:  
Life and other policy benefits (Note 1)56,878 59,713 
Market risk benefits expense (Note 1)36,172 (116,498)
Amortization of deferred transaction costs (Note 1)43,274 45,936 
Universal life and annuity contract interest (Note 1)63,159 (39,769)
Other operating expenses87,126 62,903 
Total benefits and expenses286,609 12,285 
Earnings before Federal income taxes52,182 244,248 
Federal income taxes10,244 50,159 
Net earnings$41,938 194,089 
Basic earnings per share:  
Class A (Note 4)$11.86 $54.89 
Class B (Note 4)$5.93 $27.44 
Diluted earnings per share:  
Class A (Note 4)$11.86 $54.89 
Class B (Note 4)$5.93 $27.44 


See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
6

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)

 20232022
Net earnings$29,634 96,527 
Other comprehensive income (loss), net of effects of taxes:  
Unrealized gains (losses) on debt securities available-for-sale:  
Net unrealized holding gains (losses) arising during period (Note 1)(71,596)(368,775)
Reclassification adjustment for net amounts included in net earnings(36)(1,395)
Net unrealized gains (losses) on securities(71,632)(370,170)
Effect of discount rate changes on liability for future policy benefits (Note 1)14,344 76,256 
Foreign currency translation adjustments (Note 1)22 (20)
Benefit plans:  
Amortization of net prior service cost and net gain (loss)(399)1,134 
Other comprehensive income (loss)(57,665)(292,800)
Comprehensive income (loss)$(28,031)(196,273)

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).





7

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the Six Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)

 20232022
Net earnings$41,938 194,089 
Other comprehensive income (loss), net of effects of taxes:  
Unrealized gains (losses) on available-for-sale securities:  
Net unrealized holding gains (losses) arising during period (Note 1)53,605 (807,191)
Reclassification adjustment for net amounts included in net earnings(89)(4,127)
Net unrealized gains (losses) on securities53,516 (811,318)
Effect of discount rate changes on liability for future policy benefits (Note 1)(7,370)156,288 
Foreign currency translation adjustments (Note 1)(8)295 
Benefit plans:  
Amortization of net prior service cost and net gain (loss)(798)2,268 
Other comprehensive income (loss)45,340 (652,467)
Comprehensive income (loss)$87,278 (458,378)


See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
8


NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)

 20232022
Common stock:  
Balance at beginning of period$36 36 
Balance at end of period36 36 
Additional paid-in capital:  
Balance at beginning of period41,716 41,716 
Balance at end of period41,716 41,716 
Accumulated other comprehensive income (loss):  
Unrealized gains (losses) on debt securities available-for-sale: (Note 1)  
Balance at beginning of period(528,283)(74,039)
Change in unrealized gains (losses) during period, net of tax(71,632)(370,170)
Balance at end of period(599,915)(444,209)
Changes in the Liability for future policy benefits related to changing discount rates (Note 1)
Balance at beginning of period148,987 19,911 
Change in liability for future policy benefits during period, net of tax14,344 76,256 
Balance at end of period163,331 96,167 
Continued on Next Page
9

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS' EQUITY (continued)
For the Three Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)
20232022
Foreign currency translation adjustments: (Note 1)  
Balance at beginning of period6,420 6,343 
Change in translation adjustments during period22 (20)
Balance at end of period6,442 6,323 
Benefit plan liability adjustment:  
Balance at beginning of period(2,338)(14,233)
Amortization of net prior service cost and net gain (loss), net of tax(399)1,134 
Balance at end of period(2,737)(13,099)
Accumulated other comprehensive income (loss) at end of period(432,879)(354,818)
Retained earnings:  
Balance at beginning of period (Note 1)2,639,693 2,479,714 
Net earnings (Note 1)29,634 96,527 
Balance at end of period 2,669,327 2,576,241 
Total stockholders' equity$2,278,200 2,263,175 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).



10

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Six Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)
 20232022
Common stock:  
Balance at beginning of period$36 36 
Balance at end of period36 36 
Additional paid-in capital:  
Balance at beginning of period41,716 41,716 
Balance at end of period
41,716 41,716 
Accumulated other comprehensive income (loss):  
Unrealized gains (losses) on debt securities available-for-sale: (Note 1)  
Balance at beginning of period(653,431)367,109 
Change in unrealized gains (losses) during period, net of tax53,516 (811,318)
Balance at end of period(599,915)(444,209)
Changes in the Liability for future policy benefits related to changing discount rates (Note 1)
Balance at beginning of period170,701 (60,121)
Change in liability for future policy benefits during period, net of tax(7,370)156,288 
Balance at end of period163,331 96,167 
Foreign currency translation adjustments: (Note 1)  
Balance at beginning of period6,450 6,028 
Change in translation adjustments during period(8)295 
Balance at end of period6,442 6,323 
Continued on Next Page
11

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (continued)
For the Six Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)
20232022
Benefit plan liability adjustment:  
Balance at beginning of period(1,939)(15,367)
Amortization of net prior service cost and net gain (loss), net of tax(798)2,268 
Balance at end of period(2,737)(13,099)
Accumulated other comprehensive income (loss) at end of period(432,879)(354,818)
Retained earnings:  
Balance at beginning of period (Note 1)2,627,389 2,382,152 
Net earnings (Note 1)41,938 194,089 
Balance at end of period2,669,327 2,576,241 
Total stockholders' equity$2,278,200 2,263,175 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
12

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)
 20232022
Cash flows from operating activities:  
Net earnings$41,938 194,089 
Adjustments to reconcile net earnings to net cash from operating activities:  
Universal life and annuity contract interest (Note 1)63,159 (39,769)
Surrender charges and other policy revenues (12,506)(9,761)
Realized (gains) losses on investments(93)(5,560)
Accretion/amortization of discounts and premiums, investments(1,756)(1,734)
Depreciation and amortization5,107 6,896 
Increase (decrease) in estimated credit losses on investments161 (413)
(Increase) decrease in value of debt securities trading(18,236)156,791 
(Increase) decrease in value of equity securities(2,357)4,600 
(Increase) decrease in value of derivative options(23,854)76,624 
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired (Note 1)30,441 11,852 
(Increase) decrease in accrued investment income1,643 (526)
(Increase) decrease in reinsurance recoverable (Note 1)77,645 131,373 
(Increase) decrease in cost of reinsurance 6,052 5,511 
(Increase) decrease in other assets (Note 1)(14,493)443 
Increase (decrease) in liabilities for future policy benefits (Note 1)21,730 (15,654)
Increase (decrease) in market risk benefits liability (Note 1)41,785 (123,075)
Increase (decrease) in other policyholder liabilities (26,966)7,843 
Increase (decrease) in Federal income tax liability1,019 (19,186)
Increase (decrease) in deferred Federal income tax (Note 1)(16,844)47,245 
Increase (decrease) in funds withheld liability(89,722)(277,048)
Increase (decrease) in other liabilities (Note 1)34,486 (12,478)
Net cash provided by operating activities118,339 138,063 
Cash flows from investing activities:  
Proceeds from sales of:  
Debt securities available-for-sale22,307 39,254 
Debt securities trading38,725 17,183 
Other investments1,287 2,804 
Proceeds from maturities, redemptions, and prepayments of:  
Debt securities available-for-sale437,489 565,415 
Debt securities trading33,996 69,983 
  Other investments15,264 16,138 
Derivatives, index options270 46,412 
Purchases of:  
Debt securities available-for-sale(104,253)(690,390)
Continued on Next Page
13


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
For the Six Months Ended June 30, 2023 and 2022
(Unaudited)
(In thousands)
20232022
Debt securities trading(63,624)(75,581)
Equity securities(12)(890)
Derivatives, index options(25,925)(26,377)
Other investments(41,016)(33,704)
Property, equipment, and other productive assets(1,593)(764)
Net change in short-term investments(3,884) 
Principal payments on mortgage loans12,141 18,872 
Cost of mortgage loans acquired(1,800)(44,139)
Decrease (increase) in policy loans1,004 (157)
Other (increases) decreases to funds withheld5,247 (424)
Net cash provided by (used in) investing activities325,623 (96,365)
Cash flows from financing activities:  
Deposits to account balances for universal life and annuity contracts (Note 1)52,142 205,775 
Return of account balances on universal life and annuity contracts (Note 1)(499,374)(431,743)
Principal payments under finance lease obligation(170)(169)
Net cash provided by (used in) financing activities(447,402)(226,137)
Effect of foreign exchange (Note 1)(10)374 
Net increase (decrease) in cash, cash equivalents, and restricted cash(3,450)(184,065)
Cash, cash equivalents, and restricted cash at beginning of period295,270 714,624 
Cash, cash equivalents and restricted cash at end of period$291,820 530,559 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Cash paid during the period for:  
Interest$38 37 
Income taxes26,052 22,138 
Noncash operating activities:
Net deferral and amortization of sales inducements (Note 1)$(7,094)(523)

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).


14


NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(1) CONSOLIDATION AND BASIS OF PRESENTATION

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. Except for the retroactive adoption of a required change in accounting standard as discussed below and as further described in Note (2) New Accounting Pronouncements, in the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position and results of operations of National Western Life Group, Inc. ("NWLGI") and its wholly owned subsidiaries (collectively, the “Company”), on a basis consistent with the prior audited consolidated financial statements, as of June 30, 2023, and for the three and six months ended June 30, 2023 and June 30, 2022. Certain reclasses of prior year balances have been made for comparison. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. It is recommended that these Condensed Consolidated Financial Statements, excluding balances affected by the adoption of Accounting Standards Update (ASU) 2018-12 noted below, be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 which is accessible free of charge through the Company's internet site at www.nwlgi.com or the Securities and Exchange Commission internet site at www.sec.gov. Except for balances affected by the adoption of ASU 2018-12 noted below, the Condensed Consolidated Balance Sheet at December 31, 2022 has been derived from the audited consolidated financial statements as of that date.

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of NWLGI and its wholly owned subsidiaries: National Western Life Insurance Company ("NWLIC" or "National Western"), Regent Care San Marcos Holdings, LLC, NWL Services, Inc., and N.I.S. Financial Services, Inc. ("NIS"). National Western's wholly owned subsidiaries include The Westcap Corporation, NWL Financial, Inc., NWLSM, Inc., Braker P III, LLC, and Ozark National Life Insurance Company ("Ozark National"). All significant intercorporate transactions and accounts have been eliminated in consolidation.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates in the accompanying Condensed Consolidated Financial Statements include: (1) liabilities for future policy obligations and market risk benefits, (2) valuation of derivative instruments, (3) recoverability and amortization of deferred policy acquisition costs ("DPAC"), deferred sales inducements ("DSI"), the value of business acquired ("VOBA"), and the cost of reinsurance ("COR"), (4) valuation allowances for deferred tax assets, (5) goodwill, (6) allowances for credit losses on available-for-sale debt securities, (7) allowance for credit losses for mortgage loans and reinsurance recoverables, and (8) commitments and contingencies.

As a result of executing a funds withheld coinsurance agreement at December 31, 2020, the Company implemented accounting policies related to trading debt securities and the embedded derivative on reinsurance in its financial statements. Trading securities represent debt securities that are included in the fund assets withheld as part of the funds withheld coinsurance agreements to support the policyholder liability obligations ceded to the reinsurer. Trading debt securities are reported in the accompanying Condensed Consolidated Financial Statements at their fair values with changes in their fair values reflected as a component of Net investment income in the Condensed Consolidated Statements of Earnings. Since these trading debt securities pertain to investment activities related to coinsurance agreements rather than as an income strategy based on active trading, they are classified as investing activities in the Condensed Consolidated Statements of Cash Flows. Under the terms of a coinsurance funds withheld agreement, while the assets are withheld, the associated interest and credit risk of these assets are transferred to the reinsurer creating an embedded derivative on reinsurance in the funds withheld liability. Accordingly, the Company is required to bifurcate the embedded derivative from the host contract in accordance with ASC 815-15. The bifurcated embedded derivative on reinsurance is computed as the fair value unrealized gain (loss) on the underlying funds withheld assets. This amount is included as a component of the funds withheld liability balance reported on the Condensed Consolidated Balance Sheets, with changes in the embedded derivative on reinsurance reported in Net investment income in the Condensed Consolidated Statements of Earnings.

15


NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
On July 27, 2022, National Western entered into a Funds Withheld Coinsurance Agreement with Aspida Life Re Ltd. (“Aspida"), a reinsurer organized under the Laws of Bermuda. Pursuant to this agreement, the Company agreed to cede, on a coinsurance with funds withheld basis, a specified quota share of certain liabilities pertaining to an in-force block of annuity contracts issued by the Company before July 1, 2022. The initial amount of statutory reserve liabilities ceded by the Company to Aspida under the agreement approximated $250.0 million. In addition, pursuant to the agreement, the Company agreed to cede, on a coinsurance with funds withheld basis, a specified quota share of certain annuity contracts issued or to be issued by the Company on or after July 1, 2022.

As consideration for Aspida’s agreement to provide reinsurance pursuant to the agreement, the Company transferred into a funds withheld account permitted assets approximating the initial statutory reserve liabilities ceded to Aspida. In accordance with the agreement and in order to provide additional security for Aspida’s obligations under the agreement, the parties established a trust account for the benefit of the Company in which Aspida maintains certain assets and grants the Company a first priority security interest in such assets.

The table below shows the net unrealized gains and losses on available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and June 30, 2022.

Affected Line Item in the Condensed Consolidated Statements of EarningsAmount Reclassified From Accumulated Other Comprehensive Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Other net investment gains$46 1,766 113 5,224 
Earnings before Federal income taxes46 1,766 113 5,224 
Federal income taxes10 371 24 1,097 
Net earnings$36 1,395 89 4,127 

Restatement of prior period consolidated financial statements as a result of adopting ASU 2018-12

As a result of the adoption of Accounting Standards Update 2018-12 Financial Services - Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI" or "ASU 2018-12), the results and related disclosures for the comparative 2022 periods presented in this Form 10-Q were recast to be presented as if the requirements of LDTI had been in effect during those periods. Implementation of LDTI affected various line items in each condensed consolidated financial statement. Refer to Note (2) New Accounting Policies for more details about the new guidance and a summary of the restated balances.

The Company adopted ASU 2018-12 guidance effective January 1, 2023 using the modified retrospective transaction method, where permitted, for changes in the liability for future policy benefits and deferred policy acquisition costs and related balances, and the retrospective transition method for market risk benefits. The transition date for restatement was January 1, 2021 and amounts previously reported were retroactively restated, including those amounts shown for the three and six months ended June 30, 2022, and as of December 31, 2022.

16


NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following tables present amounts as previously reported, the effect of adoption of the guidance under ASU 2018-12, and the resulting adjusted amounts reported in interim Condensed Consolidated Financial Statements included herein. The tables include only those line items impacted by restatement.

Restated Lines of Condensed Consolidated Balance Sheet:

December 31, 2022
As previously ReportedEffect of ChangeAs Currently Reported
(In thousands)
Assets:
Deferred policy acquisition costs$909,786 (245,904)663,882 
Deferred sales inducements114,399 (29,096)85,303 
Value of business acquired146,494 (7,999)138,495 
Market risk benefits asset 48,759 48,759 
Deferred federal income tax asset57,867 (48,835)9,032 
Amounts recoverable from reinsurer, net of allowance for credit losses1,723,347 (34,559)1,688,788 
Other assets110,339 352 110,691 
Total Assets13,100,227 (317,282)12,782,945 
Liabilities:
Future policy benefits:
Universal life and annuity contracts8,498,684 (8,498,684) 
Traditional life reserves919,650 (919,650) 
Liability for policyholder account balances 7,661,785 7,661,785 
Additional liability for benefits in excess of account balance 148,708 148,708 
Liability for future policy benefits 900,146 900,146 
Market risk benefits liability 215,777 215,777 
Other liabilities166,557 (9,075)157,482 
Total liabilities11,093,016 (500,993)10,592,023 
Stockholders' Equity:
Accumulated other comprehensive income (loss)(416,397)(61,822)(478,219)
Retained earnings2,381,856 245,533 2,627,389 
Total stockholders' equity2,007,211 183,711 2,190,922 
Total liabilities and stockholders' equity13,100,227 (317,282)12,782,945 

17


NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Interim Condensed Consolidated Statements of Earnings:

Three Months Ended June 30, 2022
As previously ReportedEffect of ChangeAs Currently Reported
(In thousands, except per share amounts)
Premiums and other revenues:
Universal life and annuity contract charges$32,692 129 32,821 
Traditional life and SPIAWLC premiums21,647 994 22,641 
Total Revenues117,157 1,123 118,280 
Benefits and Expenses:
Life and other policy benefits35,177 (8,976)26,201 
Market risk benefits expense (55,492)(55,492)
Amortization of deferred transaction costs27,756 (5,256)22,500 
Universal life and annuity contract interest(13,801)(12,397)(26,198)
Total benefit and expenses79,453 (82,120)(2,667)
Federal income taxes6,939 17,481 24,420 
Net earnings30,765 65,762 96,527 
Basic earnings per share:
Class A (Note 4)8.70 18.60 27.30 
Class B (Note 4)4.35 9.30 13.65 
Diluted earnings per share:
Class A (Note 4)8.70 18.60 27.30 
Class B (Note 4)4.35 9.30 13.65 

18


NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Six Months Ended June 30, 2022
As previously ReportedEffect of ChangeAs Currently Reported
(In thousands, except per share amounts)
Premiums and other revenues:
Universal life and annuity contract charges$65,343 275 65,618 
Traditional life and SPIAWLC premiums43,980 4,802 48,782 
Total Revenues251,456 5,077 256,533 
Benefits and Expenses:
Life and other policy benefits77,076 (17,363)59,713 
Market risk benefits expense (116,498)(116,498)
Amortization of deferred transaction costs56,772 (10,836)45,936 
Universal life and annuity contract interest(28,606)(11,163)(39,769)
Total benefit and expenses168,145 (155,860)12,285 
Federal income taxes16,362 33,797 50,159 
Net earnings66,949 127,140 194,089 
Basic earnings per share:
Class A (Note 4)18.93 35.96 54.89 
Class B (Note 4)9.47 17.97 27.44 
Diluted earnings per share:
Class A (Note 4)18.93 35.96 54.89 
Class B (Note 4)9.47 17.97 27.44 
19


NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Interim Condensed Consolidated Statement of Changes in Stockholders' Equity:

Three Months Ended June 30, 2022
As previously ReportedEffect of ChangeAs Currently Reported
(In thousands)
Retained Earnings:
Balance at March 31, 2022$2,318,170 161,544