National Western Life Insurance Company Form 8-K

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

National Western Life Announces 2006 Fourth Quarter and 2006 Earnings

Austin, Texas, March 13, 2007 - Ross R. Moody, President of National Western Life Insurance Company (Nasdaq: NWLIA), announced today fourth quarter 2006 consolidated net earnings of $24.0 million, or $6.56 per diluted share, compared with consolidated net earnings of $16.8 million, or $4.60 per diluted share, reported for the fourth quarter of 2005. For the year ended December 31, 2006, the Company reported consolidated net earnings of $76.3 million, or $20.88 per diluted share, compared with $77.3 million, or $21.24 per diluted share, reported a year ago. The Company's book value per share at December 31, 2006 increased to $257.67.

Earnings from operations, excluding net realized gains and losses on investments(1), totaled $24.4 million, or $6.66 per diluted share, for the fourth quarter ended December 31, 2006, compared with $16.9 million, or $4.62 per diluted share, for the quarter ended December 31, 2005. For the full year, earnings from operations were $74.6 million, or $20.41 per diluted share, versus $70.8 million, or $19.47 per diluted share, for the year ended December 31, 2005. Referring to the full year results, Mr. Moody noted, “For the third consecutive year we achieved another record level in operating earnings. The five percent increase in operating earnings in 2006 over the record level reached in 2005 is very satisfying given the competitive business climate we are in.”

Operating revenues, excluding realized investments gains and derivative income, totaled $126.0 million for the fourth quarter of 2006 compared to $110.7 million for the comparable quarter in 2005. Year-to-date operating revenues increased to $475.9 million from $442.1 million the year before. Mr. Moody indicated, “National Western’s total life insurance sales increased over 23% in 2006 with significant growth in our domestic market and record sales internationally. These expanding blocks of business are vital to our long-term goal of steady and profitable growth.”

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 270 employees and 13,000 contracted independent agents, brokers and consultants, and at December 31, 2006, maintained total assets of $6.7 billion, stockholders' equity of $933 million, and life insurance in force of $15.9 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

(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						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006		2005
*Revenues:*
Revenues, excluding realized investment
gains (losses) and derivative income (loss)	$	126,049			110,705			475,918		442,147
Derivative income (loss)		29,599			(932	)		43,279		(10,988	)
Realized gains (losses) on investments		(567	)		(130	)		2,662		9,884
Total revenues	$	155,081			109,643			521,859		441,043

*Earnings:*
Earnings from operations	$	24,368			16,882			74,613		70,842
Net realized gains (losses) on investments		(369	)		(85	)		1,730		6,425
Net earnings	$	23,999			16,797			76,343		77,267

*Basic Earnings Per Share:*
Earnings from operations	$	6.73			4.67			20.61		19.66
Net realized gains (losses) on investments		(0.10	)		(0.02	)		0.48		1.79
Net earnings	$	6.63			4.65			21.09		21.45

Basic Weighted Average Shares		3,621			3,612			3,620		3,603

*Diluted Earnings Per Share:*
Earnings from operations	$	6.66			4.62			20.41		19.47
Net realized gains (losses) on investments		(0.10	)		(0.02	)		0.47		1.77
Net earnings	$	6.56			4.60			20.88		21.24

Diluted Weighted Average Shares		3,658			3,650			3,656		3,638

Investor Relations Contact:

Brian M. Pribyl

Senior Vice President, Chief Financial & Administrative Officer

(512) 836-1010

bpribyl@nationalwesternlife.com

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 13, 2007


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 13, 2007, National Western Life Insurance Company ("Company") announced via press release the Company's financial results for the year ended December 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 March 13, 2007



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

		/S/ Brian M. Pribyl
Date: March 14, 2007		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 March 13, 2007 reporting revised financial results for the year ended December 31, 2006.