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 (Date of Earliest Event Reported) May 5, 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  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 May 5, 2006, National Western Life Insurance Company ("Company") announced via press release the Company's financial results for the quarter ended March 31, 2006. 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 May 5, 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: May 8, 2006	/S/Brian M. Pribyl
	Brian M. Pribyl
	Senior Vice President
	Chief Financial & Administrative Officer and Treasurer

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release of National Western Life Insurance Company issued May 5, 2006 reporting financial results for the first quarter ended March 31, 2006.

EX-99

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

National Western Life Announces First Quarter 2006 Earnings

Austin, Texas, May 5, 2006 - Ross R. Moody, President of National Western Life Insurance Company (Nasdaq: NWLIA), announced today consolidated net earnings of $22.2 million, or $6.07 per diluted share, for the quarter ended March 31, 2006. For the quarter ended March 31, 2005, the Company previously reported consolidated net earnings of $16.2 million, or $4.47 per diluted share. The Company's book value per share at March 31, 2006 increased to $244.58 from $241.89 per share at December 31, 2005.

Earnings from operations, excluding net realized gains and losses on investments(1), totaled $21.3 million, or $5.82 per diluted share, for the quarter ended March 31, 2006, an increase of 37% from the $15.6 million, or $4.30 per diluted share, reported for the quarter ended March 31, 2005. First quarter 2006 earnings from operations include $1.7 million pertaining to partial settlements received in the Company's litigation against Enron and related parties.

Operating revenues, excluding realized investment gains and derivative income, increased 13% to $119.7 million in the first quarter of 2006 compared to $106.3 million in the first quarter of 2005. Mr. Moody noted that life insurance sales, domestically and internationally, were contributors to the increase in operating revenues. "We have been emphasizing the need to grow our life insurance side of the business and the first quarter was successful in that regard with international life sales increasing 29% and domestic life sales growing 39% over last year," Mr. Moody stated. He added that the Company's introduction of an equity-indexed universal life product domestically in addition to its international version resulted in 54% of life insurance sales coming from these products.

Investment performance continued to show gains as investment income increased to $98.7 million in the quarter ended March 31, 2006 compared to $62.7 million in the comparable quarter in 2005. Investment income includes derivative option income of $15.2 million in the first quarter of 2006 while the first quarter of 2005 incurred a derivative option expense of $13.9 million. Mr. Moody observed that 2006 first quarter investment income was enhanced by nearly $3 million from participations involving several real estate investments. "We continue to maintain a high quality fixed income investment portfolio and from time to time realize profit positions in our real estate holdings," Mr. Moody indicated.

At March 31, 2006, the Company maintained total assets of $6.4 billion, stockholders' equity of $886 million, and life insurance in force of approximately $14.8 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.

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

		Three Months Ended
		March 31,
		2006	2005
Revenues:
Revenues, excluding realized investment
gains and derivative income (loss)	$	119,656	106,330
Derivative income (loss)		15,176	(13,922)
Realized gains on investments		1,423	968
Total revenues	$	136,255	93,376
Earnings:
Earnings from operations	$	21,262	15,573
Net realized gains on investments		925	629
Net earnings	$	22,187	16,202
Basic Earnings Per Share:
Earnings from operations	$	5.88	4.34
Net realized gains on investments		0.25	0.17
Net earnings	$	6.13	4.51
Basic Weighted Average Shares		3,618	3,591
Diluted Earnings Per Share:
Earnings from operations	$	5.82	4.30
Net realized gains on investments		0.25	0.17
Net earnings	$	6.07	4.47
Diluted Weighted Average Shares		3,655	3,625

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