UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 11, 2015
 
 
NATIONAL WESTERN LIFE INSURANCE COMPANY
(Exact Name of Registrant as Specified in Its Charter)
 
 
COLORADO
84-0467208
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification Number)
 
 
 
 
2-17039
(Commission File Number) 
 
 
 
 
850 EAST ANDERSON LANE, AUSTIN, TEXAS
78752-1602
(Address of Principal Executive Offices)
(Zip code)
 
 
 
 
(512) 836-1010
(Registrant's Telephone Number, Including Area Code)
 
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:
 
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 cfr 240.14D-2(B))
 
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 cfr 240.13E-4(C))




Item 2.02  Results of Operations and Financial Condition

On March 11, 2015, National Western Life Insurance Company ("Company") announced via press release the Company's financial results for the quarter and year ended December 31, 2014. 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.nationalwesternlife.com.


Item 9.01  Financial Statements and Exhibits
 
( d ) Exhibits
 
Exhibit No.
Description
 
 
99.1
Press Release dated March 11, 2015
 
 
 

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.
 
 
NATIONAL WESTERN LIFE INSURANCE COMPANY
 
Date: March 11, 2015
/S/Brian M. Pribyl
 
Brian M. Pribyl
 
Senior Vice President,
 
Chief Financial Officer
 
and Treasurer
 
 

EXHIBIT INDEX
 
Exhibit
 
Description
 
 
 
99.1
 
Press Release of National Western Life Insurance Company issued March 11, 2015 reporting financial results for the quarter and year ended December 31, 2014.








FOR IMMEDIATE RELEASE                                EXHIBIT 99.1

National Western Life Announces 2014 Fourth Quarter Earnings and Full Year Earnings

Austin, Texas, March 11, 2015 ‑ Ross R. Moody, President of National Western Life Insurance Company (Nasdaq: NWLI), announced today fourth quarter 2014 consolidated net earnings of $28.1 million, or $7.94 per diluted Class A common share, compared with consolidated net earnings of $27.8 million, or $7.87 per diluted Class A common share, for the fourth quarter of 2013. For the year ended December 31, 2014, the Company reported consolidated net earnings of $105.6 million, or $29.85 per diluted Class A common share, compared with $96.2 million, or $27.19 per diluted Class A common share, a year ago. The Company's book value per share increased to $428.01 as of December 31, 2014 from $398.36 at December 31, 2013.

The Company reported earnings from operations, excluding net realized gains and losses on investments, of $25.0 million for the quarter ended December 31, 2014, or $7.05 per diluted Class A common share, compared to $26.9 million, or $7.60 per diluted Class A common share, in the same period for 2013. Mr. Moody commented on the earnings results saying, "Business activity in the fourth quarter finished the year strongly. Annuity sales increased 9% in the fourth quarter of this year compared to last year and life insurance sales increased 6% for the same period. Life insurance sales, in particular, performed well and were up 31% over this year's third quarter." Earnings from operations for the full year of $98.0 million, or $27.72 per diluted Class A common share, represented an increase of 8% over the 2013 amount of $90.6 million, or $25.60 per diluted Class A common share. Mr. Moody observed that the Company's full year results passed the previous record set in 2013. "This past year was a very successful one from an operational standpoint. We decreased operating expenses and benefited from a lower incidence of claims and improved policy benefit experience," Mr. Moody indicated.

Realized gains on investments of $11.6 million for the year ended December 31, 2014 added incremental earnings to the Company's outcome for the year. Mr. Moody noted, "We are a buy and hold company given the importance of maintaining discipline in matching asset durations with that of our policyholder liabilities. More often than not, in a low interest rate environment, realized investment gains are the byproduct of bond calls and tenders. Our bond portfolio again performed very well with over 98% of our holdings rated investment grade at the end of the year and we continued our experience of the past several years of avoiding any significant impairments."

Founded in 1956, National Western Life is a stock life insurance company offering a broad portfolio of individual universal life, whole life and term insurance plans, annuity products, and investment contracts meeting the financial needs of its customers in 49 states as well as residents of various countries in Central and South America, the Caribbean, Eastern Europe, Asia, and the Pacific Rim. The Company has approximately 264 employees and 21,470 contracted independent agents, brokers, and consultants, and at December 31, 2014, maintained total assets of $11.4 billion, stockholders' equity of $1.6 billion, and life insurance in force of $23.1 billion.

Caution Regarding Forward-Looking Statements:
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 Insurance Company
News Release - Page 2

Summary of Consolidated Operating Results (Unaudited)
(In thousands except per share data)

 
Three Months Ended
 
Twelve Months Ended
 
December 31,
 
December 31,
 
2014
 
2013
 
2014
 
2013
Revenues:
 
 
 
 
 
 
 
Revenues, excluding investment and index option gains
160,119

 
157,570

 
628,559

 
625,715

Realized and unrealized gains on index options
19,338

 
99,160

 
68,616

 
225,899

Realized gains on investments
4,858

 
1,454

 
11,605

 
8,653

Total revenues
184,315

 
258,184

 
708,780

 
860,267

 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
Earnings from operations
24,955

 
26,897

 
98,045

 
90,622

Net realized gains on investments
3,158

 
945

 
7,543

 
5,625

Net earnings
28,113

 
27,842

 
105,588

 
96,247

 
 
 
 
 
 
 
 
Net earnings attributable to Class A shares
27,318

 
27,054

 
102,602

 
93,524

 
 
 
 
 
 
 
 
Basic Earnings Per Class A Share:
 
 
 
 
 
 
 
Earnings from operations
7.06

 
7.61

 
27.74

 
25.64

Net realized gains on investments
0.89

 
0.27

 
2.13

 
1.59

Net earnings
7.95

 
7.88

 
29.87

 
27.23

 
 
 
 
 
 
 
 
Basic Weighted Average Class A Shares
3,436

 
3,435

 
3,436

 
3,435

 
 
 
 
 
 
 
 
Diluted Earnings Per Class A Share:
 
 
 
 
 
 
 
Earnings from operations
7.05

 
7.60

 
27.72

 
25.60

Net realized gains on investments
0.89

 
0.27

 
2.13

 
1.59

Net earnings
7.94

 
7.87

 
29.85

 
27.19

 
 
 
 
 
 
 
 
Diluted Weighted Average Class A Shares
3,438

 
3,437

 
3,437

 
3,439


Investor Relations Contact:
Brian M. Pribyl - Senior Vice President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nationalwesternlife.com
www.nationalwesternlife.com



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