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NWLI National Western Life Group Inc - Ordinary Shares

Quarterly report

LIABILITIES AND STOCKHOLDERS’ EQUITY	March 31, 2024			December 31, 2023
LIABILITIES:
Future policyholder obligations:
Liability for policyholder account balances			$	6,729,842	6,900,491	Additional liability for benefits in excess of account balance	161,319		159,437	Liability for future policy benefits	899,544		925,787	Market risk benefits liability, at fair value	261,912		273,404	Other policyholder liabilities	148,000		143,766	Funds withheld liability	1,161,625		1,195,413	Deferred Federal income tax liability	11,906		14,335	Federal income tax payable	14,675		—	Other liabilities	230,646		198,258	Total liabilities	9,619,469		9,810,891	COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY:
Common stock:
Class A - $0.01 par value; 7,500,000 shares authorized; 3,436,020 issued and outstanding in 2024 and 2023			34		34	Class B - $0.01 par value; 200,000 shares authorized, issued, and outstanding in 2024 and 2023	2		2	Additional paid-in capital	41,716		41,716	Accumulated other comprehensive income (loss)	(338,930)		(322,573)	Retained earnings	2,794,153		2,720,545	Total stockholders’ equity	2,496,975		2,439,724	Total liabilities and stockholders' equity	$	12,116,444	12,250,615

9 May 24

5:07pm

NWLI National Western Life Group Inc - Ordinary Shares

Quarterly report

	Three Months Ended March 31,
Cost of Reinsurance			2024									2023
SPIAs WLC			Annuities excl. SPIAs WLC			SPIAs WLC			Annuities excl. SPIAs WLC
(In thousands)
Balance, beginning of period			$	11,156	56,781	11,897	66,431	Additions	—		—	—	—	Amortization	(162)		(2,733)	(446)	(2,579)	Experience Adjustment	—		—	—	—	Balance as of end of period	$	10,994	54,048	11,451	63,852

9 May 24

5:07pm

NWLI National Western Life Group Inc - Ordinary Shares

Quarterly report

Three Months Ended March 31, 2023
Liability for Policyholder Account Balances			Domestic Universal Life			International Universal Life			Annuities excl. SPIAs WLC
(In thousands)
Balance, beginning of period			$	1,420,569	563,998	5,677,218	Issuances	—		—	—	Premiums received	27,587		10,196	34,263	Policy charges	(16,441)		(19,656)	(7,500)	Surrenders and withdrawals	(14,361)		(11,000)	(129,363)	Benefit payments	(8,189)		(846)	(53,150)	Interest credited	3,267		2,249	13,857	Change in embedded derivative	13,219		1,321	2,414	Change in unearned revenue reserve	411		(46)	—	Other	313		125	(6,799)	Balance, end of period	1,426,375		546,341	5,530,940	Less reinsurance recoverable	—		—	(1,211,421)	Ending balance, net of reinsurance	$	1,426,375	546,341	4,319,519	Weighted-average crediting rate	0.98		%	1.53			%	0.93			%
Net amount at risk			$	1,621	6,910	1,162,927	Cash surrender value	$	1,211,837	522,501	5,201,886

9 May 24

5:07pm

NWLI National Western Life Group Inc - Ordinary Shares

Quarterly report

Three Months Ended March 31, 2023
Domestic Traditional Life			International Traditional Life			SPIAs With Life Contingencies			ONL & Affiliates
(In thousands)
Present value of expected net premiums			Balance, beginning of period			$	260	33,998	—	402,745	Beginning balance at original discount rate	660		35,907	—	494,962	Effect of changes in cash flow assumptions	—		—	—	—	Effect of actual variances from expected experience	8		(915)	—	(677)	Adjusted beginning of period	668		34,992	—	494,285	Issuances	—		—	—	2,930	Interest accrual	(3)		368	—	3,997	Net premium collected	(59)		(880)	—	(9,788)	Ending balance at original discount rate	606		34,480	—	491,424	Effect of changes in discount rate assumptions	(415)		(770)	—	(80,359)	Balance, end of period	$	191	33,710	—	411,065	Present value of expected future policy benefits	Balance, beginning of period			$	70,165	99,168	191,817	975,999	Beginning balance at original discount rate	62,865		100,929	215,542	1,291,914	Effect of changes in cash flow assumptions	—		—	—	—	Effect of actual variances from expected experience	(359)		(2,793)	1,000	(463)	Adjusted beginning of year balance	62,506		98,136	216,542	1,291,451	Issuances	—		—	1,775	2,846	Interest accrual	962		1,367	1,747	10,092	Benefit payments	(1,016)		(1,485)	(5,707)	(15,344)	Derecognition (lapses and withdrawals)	—		—	(1,814)	—	Other	85		747	96	(38)	Ending balance at original discount rate	62,537		98,765	212,639	1,289,007	Effect of changes in discount rate assumptions	9,133		1,190	(18,123)	(280,035)	Balance, end of period	71,670		99,955	194,516	1,008,972	Net liability for future policy benefits	71,479		66,245	194,516	597,907	Less reinsurance recoverable	(13,160)		(553)	(164,270)	(26,436)	Net liability for future policy benefits, after reinsurance	$	58,319	65,692	30,246	571,471

9 May 24

5:07pm

NWLI National Western Life Group Inc - Ordinary Shares

Quarterly report

March 31, 2024	March 31, 2023
Interest Accretion Rate			Current Discount Rate			Interest Accretion Rate			Current Discount Rate
Domestic traditional life			6.75%			5.00%			6.80%			4.65%
Domestic universal life			6.34%			6.34%			0.98%			0.98%
International traditional life			5.13%			5.00%			5.13%			4.65%
International universal life			4.37%			4.37%			1.53%			1.53%
SPIAs with life contingencies			3.45%			5.00%			3.31%			4.65%
Annuities excl. SPIAs with life contingencies			1.11%			1.11%			0.93%			0.93%
ONL & Affiliates			3.25%			5.40%			3.24%			5.20%

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