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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 8, 2006 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
o
o
(17 CFR 240.14d-2(b)) o
(17 CFR 240.13e-4(c)) On March 8, 2006, National Western Life Insurance Company ("Company") announced via press release the Company's financial results for the year ended December 31, 2005. 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. Exhibit No. Description 99.1 Press Release dated March 8, 2006 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 9, 2006 /S/Brian M. Pribyl Brian M. Pribyl Senior Vice President Chief Financial & Administrative Officer EXHIBIT INDEX Exhibit Description 99.1 Press Release of National Western Life Insurance Company issued March 8, 2006 reporting financial results for the fourth quarter ended December 31, 2005. EXHIBIT 99.1 FOR IMMEDIATE RELEASE National Western Life Announces Fourth Quarter and 2005 Earnings Austin, Texas, March 8, 2006 - Ross R. Moody, President of National Western Life Insurance Company (Nasdaq: NWLIA), announced today fourth quarter 2005 consolidated net earnings of $16.8 million, or $4.60 per diluted share. For the year ended December 31, 2005, the Company reported consolidated net earnings of $77.3 million, or $21.24 per diluted share, compared with $122.2 million, or $33.91 per diluted share, reported a year ago. The 2004 results included the effect of a required change in accounting for certain annuity contracts during the first quarter of that year which increased reported net earnings by $54.7 million, or $15.18 per diluted share. The Company's book value per share at December 31, 2005 increased to $241.89. Earnings from operations, excluding net realized gains and losses on investments(
Item 2.02 Results of Operations and Financial Condition
Item 9.01 Financial Statements and Exhibits
( d ) Exhibits
and Treasurer
Operating revenues, excluding realized investments gains and derivative income, totaled $110.7 million for the fourth quarter of 2005 compared to $108.2 million for the comparable quarter in 2004. Year-to-date operating revenues increased to $442.1 million from $418.7 million the year before. Mr. Moody indicated, "We have an expanding block of business in force which is generating revenue and earnings growth. Our international life insurance in force, in particular, grew 9% during the year and we are excited to see the ongoing growth potential of this business."
For the quarter ended December 31, 2005, the Company reported realized investment losses, net of taxes, of $0.1 million, or $0.02 per diluted share, compared with a realized gain of $1.0 million, or $0.28 per diluted share, for the quarter ended December 31, 2004. For the 2005 year, the Company reported realized investment gains, net of taxes, of $6.4 million, or $1.77 per diluted share, compared to realized investment gains of $2.3 million, or $0.63 per diluted share, for the full year of 2004. "The fourth quarter repeated the steady performance of our diversified investment portfolio. The devastation of the hurricane disasters had an inconsequential impact upon our investment holdings," said Moody.
At December 31, 2005, the Company maintained total stockholders' equity of $874 million, assets of $6.4 billion, and life insurance in force in excess of $14.7 billion.
Summary of Consolidated Operating Results
Three Months Ended |
Twelve Months Ended |
|||||||
December 31, |
December 31, |
|||||||
2005 |
2004 |
2005 |
2004 |
|||||
Revenues: |
||||||||
Revenues, excluding realized investment |
||||||||
gains (losses) and derivative |
||||||||
income (loss) |
$ |
110,705 |
108,222 |
442,147 |
418,652 |
|||
Derivative income (loss) |
(932) |
22,345 |
(10,988) |
11,988 |
||||
Realized gains (losses) on investments |
(130) |
1,544 |
9,884 |
3,506 |
||||
Total revenues |
$ |
109,643 |
132,111 |
441,043 |
434,146 |
|||
Earnings: |
||||||||
Earnings from operations |
$ |
16,882 |
17,845 |
70,842 |
65,194 |
|||
Net realized gains (losses) on investments |
(85) |
1,004 |
6,425 |
2,278 |
||||
Cumulative effect of a change in |
||||||||
accounting principle |
- |
- |
- |
54,697 |
||||
Net earnings |
$ |
16,797 |
18,849 |
77,267 |
122,169 |
|||
Basic Earnings Per Share: |
||||||||
Earnings from operations |
$ |
4.67 |
4.99 |
19.66 |
18.29 |
|||
Net realized gains (losses) on investments |
(0.02) |
0.28 |
1.79 |
0.64 |
||||
Cumulative effect of a change in |
||||||||
accounting principle |
- |
- |
- |
15.34 |
||||
Net earnings |
$ |
4.65 |
5.27 |
21.45 |
34.27 |
|||
Basic Weighted Average Shares |
3,612 |
3,580 |
3,603 |
3,565 |
||||
Diluted Earnings Per Share: |
||||||||
Earnings from operations |
$ |
4.62 |
4.94 |
19.47 |
18.10 |
|||
Net realized gains (losses) on investments |
(0.02) |
0.28 |
1.77 |
0.63 |
||||
Cumulative effect of a change in |
||||||||
accounting principle |
- |
- |
- |
15.18 |
||||
Net earnings |
$ |
4.60 |
5.22 |
21.24 |
33.91 |
|||
Diluted Weighted Average Shares |
3,650 |
3,613 |
3,638 |
3,603 |
||||
Investor Relations Contact:
Brian M. Pribyl
Senior Vice President
Chief Financial & Administrative Officer
(512) 719-2493
bpribyl@nationalwesternlife.com