8-K

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:  August 7, 2003
(Date of Earliest Event Reported)


NATIONAL WESTERN LIFE INSURANCE COMPANY
(Exact Name of Registrant as Specified in Its Charter)


COLORADO
(State or Other Jurisdiction of Incorporation)


2-17039 84-0467208
(Commission File Number) (I.R.S. Employer Identification 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)

Item 7. Financial Statements and Exhibits

         ( c ) Exhibits

Exhibit No.	Description
99	Press Release dated August 7, 2003

Item 12. Results of Operations and Financial Condition

On August 7, 2003, National Western Life Insurance Company (the "Company") announced via press release the Company's results for its second quarter ended June 30, 2003. A copy of the Company's press release is attached hereto as Exhibit 99. This Form 8-K and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

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: August 7, 2003	/s/ Brian M. Pribyl
	Name:  Brian M. Pribyl
	Title:  Senior Vice President
	Chief Financial & Administrative Officer and Treasurer

EX-99

Exhibit 99

National Western Life Announces 2003 Second Quarter Earnings

Austin, Texas, August 7, 2003 - Ross R. Moody, President of National Western Life Insurance Company (Nasdaq: NWLIA), announced today second quarter 2003 consolidated net earnings of $17.1 million, or $4.82 per diluted share, an increase over consolidated net earnings of $8.8 million, or $2.47 per diluted share, reported for the second quarter of 2002. Consolidated net earnings for the first six months of 2003 were $26.8 million, or $7.56 per diluted share, compared with $21.0 million, or $5.92 per diluted share, reported a year ago. The Company's book value per share at June 30, 2003 increased to $183.19.

Earnings from operations, excluding net realized gains and losses on investments (1), totaled $16.8 million, or $4.75 per diluted share, for the second quarter ended June 30, 2003, compared with $14.3 million, or $4.02 million per diluted share, for the quarter ended June 30, 2002. For the first six months of 2003, earnings from operations were $30.9 million, or $8.72 per diluted share, versus $26.5 million, or $7.46 per diluted share, for the first six months of 2002. Observing the company's second quarter and six-month results, Mr. Moody noted that the Company's annuity sales (2) in 2003 have eclipsed previous record levels. Annuity sales of $359 million in the second quarter of 2003 were an all-time Company record and significantly surpassed annuity sales of $90 million posted in the second quarter of 2002. Year-to-date, annuity sales were $529 million compared to $169 million during the first six months of 2002.

Mr. Moody stated that the Company experienced a noticeable improvement in the second quarter of 2003 in fair values of bond securities in sectors previously depressed by the market. For the quarter, the Company reported net realized investment gains after tax of $0.3 million, or $0.07 per diluted share. For the first six months of the year, the Company incurred investment losses, net of taxes, of $4.1 million, or $1.16 per diluted share, compared to investment losses of $5.5 million, or $1.54 per diluted share, during the first six months of 2002. The 2002 losses were substantially incurred during the second quarter and primarily represented an impairment write down of the Company's WorldCom bond holdings.

At June 30, 2003, the Company maintained total stockholders' equity of $647.7 million, assets in excess of $4.7 billion, and life insurance in force of approximately $12.3 billion.

(1)     The Company views earnings from operations, a non-GAAP financial measure, as an important indicator of financial performance. Presented in conjunction with net earnings, the combined presentation can enhance an investor's understanding of the Company's underlying profitability and results from ongoing operations. The definition of earnings from operations, as presented in this press release, excludes net realized investment gains and losses after tax. A reconciliation of earnings from operations to net earnings has been included as part of this press release.

(2)     Sales for a life insurance company are a non-GAAP financial measure. Sales as shown in this press release are presented in accordance with industry practice and represent the amount of new business sold during the period. The Company believes sales are a useful measure of distribution productivity and are also a leading indicator of future revenue trends. There is no comparable GAAP financial measure and, as a result, no reconciliation is provided.

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

		Three Months Ended		Six Months Ended
		June 30,		June 30,
		2003	2002	2003	2002
Revenues:
Revenues, excluding realized investment
gains (losses) and index options	$	91,580	87,221	180,205	170,704
Index options		9,272	(6,989)	4,808	(9,225)
Realized gains (losses) on investments		392	(8,460)	(6,317)	(8,406)
Total revenues	$	101,244	71,772	178,696	153,073
Earnings:
Earnings from operations	$	16,830	14,307	30,917	26,506
Net realized gains (losses) on investments		255	(5,499)	(4,106)	(5,464)
Net earnings	$	17,085	8,808	26,811	21,042
Basic Earnings Per Share:
Earnings from operations	$	4.77	4.06	8.77	7.53
Net realized gains (losses) on investments		0.07	(1.56)	(1.17)	(1.55)
Net earnings	$	4.84	2.50	7.60	5.98
Basic Weighted Average Shares		3,528	3,523	3,526	3,520
Diluted Earnings Per Share:
Earnings from operations	$	4.75	4.02	8.72	7.46
Net realized gains (losses) on investments		0.07	(1.55)	(1.16)	(1.54)
Net earnings	$	4.82	2.47	7.56	5.92
Diluted Weighted Average Shares		3,550	3,559	3,548	3,554

Investor Relations Contact:
Brian M. Pribyl
Senior Vice President
Chief Financial & Administrative Officer
(512) 719-2493
bpribyl@nationalwesternlife.com