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) August 8, 2008
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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
oPre-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 August 8, 2008, National Western Life Insurance Company ("Company") announced via press release the Company's financial results for the quarter ended June 30, 2008.  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 August 8, 2008
	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: August 8, 2008		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 August 8, 2008 reporting financial results for the quarter ended June 30, 2008.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

National Western Life Announces 2008 Second Quarter Earnings

Austin, Texas, August 8, 2008 - Ross R. Moody, President of National Western Life Insurance Company (Nasdaq: NWLIA), announced today second quarter 2008 consolidated net earnings of $18.1 million, or $5.10 per diluted Class A share, compared with consolidated net earnings of $21.9 million, or $6.12 per diluted Class A share, reported for the second quarter of 2007. Consolidated net earnings for the first six months of 2008 were $32.6 million, or $9.18 per diluted share, compared with $40.5 million, or $11.35 per diluted share, reported a year ago. The Company's book value per share at June 30, 2008 increased to $283.94.

Operating revenues, excluding realized investment gains (losses) and derivative income (loss), totaled $127.4 million for the quarter ended June 30, 2008, an increase of 5% from revenues of $121.3 million reported in the second quarter of 2007, while year-to-date operating revenues also increased 5% to $250.6 million in 2008 from $239.7 million in the first six months of 2007. Mr. Moody indicated that life insurance business growth continues to be a focus of the Company. “Life insurance sales growth continues to be a positive development for National Western as we saw an 11% growth rate in the first half of 2008 over 2007, keeping in mind that 2007 was a record sales year for the Company.”

Mr. Moody noted that operating expenses and policy benefit expense were lower in the first six months of 2008 compared to 2007 reflecting the Company’s attention to risk and expense management. However, he further noted that the Company’s earnings continue to be impacted by the low interest rate level environment and volatile equity markets. “We continue to recognize a higher level of amortization of deferred policy acquisition costs due to the pressure low interest rate levels put on our existing blocks of business,” Mr. Moody stated. The Company’s deferred policy acquisition cost amortization expense increased to $56.5 million, before taxes, in the first six months of 2008 compared to $49.4 million in the comparable period in 2007.

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 290 employees and 8,900 contracted independent agents, brokers and consultants, and at June 30, 2008, maintained total assets of $6.8 billion, stockholders' equity of $1.0 billion, and life insurance in force of $18.3 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

Summary of Consolidated Operating Results

(In thousands except per share data)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2008			2007		2008			2007
Revenues:
Revenues, excluding realized investment
gains (losses) and derivative income (loss)	$	127,404			121,251		250,642			239,717
Derivative income (loss)		(13,756	)		23,279		(38,313	)		18,684
Realized gains (losses) on investments		(267	)		4,165		(311	)		4,406
Total revenues	$	113,381			148,695		212,018			262,807
Earnings:
Earnings from operations	$	18,315			19,144		32,790			37,659
Net realized gains (losses) on investments		(173	)		2,707		(202	)		2,864
Net earnings	$	18,142			21,851		32,588			40,523
Net earnings attributable to Class A Shares	$	17,627			21,231		31,664			39,372
Basic Earnings Per Class A Share:
Earnings from operations	$	5.20			5.44		9.31			10.70
Net realized gains (losses) on investments		(0.05	)		0.76		(0.06	)		0.81
Net earnings	$	5.15			6.20		9.25			11.51
Basic Weighted Average Shares		3,426			3,422		3,424			3,422
Diluted Earnings Per Class A Share:
Earnings from operations	$	5.15			5.36		9.24			10.55
Net realized gains (losses) on investments		(0.05	)		0.76		(0.06	)		0.80
Net earnings	$	5.10			6.12		9.18			11.35
Diluted Weighted Average Shares		3,453			3,467		3,450			3,468

Investor Relations Contact:

Brian M. Pribyl

Senior Vice President, Chief Financial & Administrative Officer

(512) 836-1010

bpribyl@nationalwesternlife.com

www.nationalwesternlife.com