Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information of Registrant

	2021		2020
ASSETS
Investment in subsidiaries	$	2,538,996	2,535,669
Cash and cash equivalents	7,017		8,376
Deferred Federal income tax asset	8,258		7,721
Other assets	263		293
Total assets	$	2,554,534	2,552,059
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Current Federal income tax liability	14,388		11,667
Other liabilities	455		642
Total liabilities	14,843		12,309
Stockholders' Equity:
Common Stock:
Class A - $0.01 par value; 7,500,000 shares authorized; 3,436,020 issued and outstanding in 2021 and 2020	34		34
Class B - $0.01 par value; 200,000 shares authorized, issued, and outstanding in 2021 and 2020	2		2
Additional paid-in capital	41,716		41,716
Accumulated other comprehensive income	215,953		395,421
Retained earnings	2,281,986		2,102,577
Total stockholders’ equity	2,539,691		2,539,750
Total liabilities and stockholders' equity	$	2,554,534	2,552,059

See Notes to Condensed Financial Information of Registrant

	2021		2020	2019
Revenues:
Dividend income from subsidiaries	$	—	1,395	36,000
Net investment income	10		9	—
Total revenues	10		1,404	36,000
Expenses:
Other operating expenses	2,660		3,322	5,358
Total expenses	2,660		3,322	5,358
Earnings/(loss) before Federal income taxes	(2,650)		(1,918)	30,642
Federal income taxes/(benefit)	(537)		(2,212)	(1,739)
Earnings (loss) before equity in earnings of affiliates	(2,113)		294	32,381
Equity in earnings of affiliates	182,794		92,018	99,235
Net earnings	$	180,681	92,312	131,616

	2021		2020	2019
Cash flows from operating activities:
Net earnings	$	180,681	92,312	131,616
Adjustments to reconcile net earnings to cash provided by operating activities:
Equity in earnings of affiliates	(182,794)		(92,018)	(99,235)
Depreciation and amortization	30		30	30
Change in:
Federal income tax, net	2,721		16,397	(547)
Deferred Federal income tax	(537)		(7,481)	(637)
Due to subsidiaries, net	—		—	—
Other, net	(188)		(830)	(4)
Net cash provided by (used in) operating activities	(87)		8,410	31,223
Cash flows from investing activities:
Payments to acquire businesses	—		—	(30,154)
Net cash provided by (used in) investing activities	—		—	(30,154)
Cash flows from financing activities:
Dividends on common stock	(1,272)		(1,273)	(1,273)
Net cash provided by (used in) financing activities	(1,272)		(1,273)	(1,273)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,359)		7,137	(204)
Cash, cash equivalents, and restricted cash at the beginning of year	8,376		1,239	1,443
Cash, cash equivalents, and restricted cash at the end of year	$	7,017	8,376	1,239

1.    Basis of Presentation

The accompanying condensed financial information of the Parent Company Only should be read in conjunction with the consolidated financial statements and notes thereto of National Western Life Group, Inc. ("NWLGI").

As discussed in Note (1) Summary of Significant Accounting Policies of the Consolidated Financial Statements, on October 1, 2015, National Western Life Insurance Company ("National Western" or "NWLIC") completed its previously announced holding company reorganization and became a wholly owned subsidiary of NWLGI. As a result of the reorganization, NWLGI replaced National Western as the publicly held company.

In the Parent Company Only condensed financial statements, NWLGI's investments in subsidiaries are stated at cost plus equity in undistributed income (losses) of subsidiaries since the date of acquisition. The subsidiary information presented is eliminated in the consolidated financial statements. NWLGI and its subsidiaries pay service fees to NWLIC which are included in expenses and equity earnings. These service fees are also eliminated in the consolidated financial statements.

2. Dividend Payments

In the years ended December 31, 2021, 2020, and 2019, dividends of $0.0 million, $0.0 million and $36.0 million were declared and paid by NWLIC to NWLGI, respectively. In the years ended December 31, 2021, 2020, and 2019, dividends of $0.0 million, $1.4 million, and $0.0 million were declared and paid by NIS to NWLGI, respectively. These dividend payments are eliminated in the consolidated financial statements.