Page 1

NWLGI NEWS RELEASE National Western Life Group , Inc. EXHIBIT 99.1 National Western Life Group , Inc. Announces 2021 First Quarter Earnings Austin , Texas , May 10 , 2021 - Ross R. Moody , Chairman of the Board , President , and Chief Executive Officer of National Western Life Group , Inc. ( Nasdaq : NWLI ) , announced today first quarter 2021 consolidated net earnings of $ 62.1 million , or $ 17.57 per diluted Class A common share , compared with a consolidated net loss of $ 2.1 million , or $ 0.58 per diluted Class A common share , for 2020. The Company's book value per share as of March 31 , 2021 was $ 673.95 . The Company reported total revenues for the quarter , excluding realized and unrealized gains on index options and investments , of $ 200.9 million in 2021 compared to $ 155.6 million in 2020. Mr. Moody noted that the Company's revenues benefited from a previously announced reinsurance transaction executed at the end of 2020. " We achieved our goal last year of transferring a block of annuity business which was experiencing compression on profit margins with a reinsurance transaction . In the first quarter , we received an accounting benefit associated with this structure which resulted in incremental revenues . " In addition , Mr. Moody observed that the Company's core business continued to perform observing , " Annuity sales increased 64 % in the first quarter over last year and life insurance sales increased 8 % . This illustrates the value our products provide in times of financial uncertainty . " Mr. Moody commented on the impact of the pandemic on the Company's financial results . " Like many other insurers releasing their first quarter earnings , we witnessed a higher level of COVID - 19 death claims being reported this quarter than during 2020. For our two insurance companies , National Western Life and Ozark National Life , we received combined net claims of just under $ 7 million where COVID - 19 was identified as the primary cause of death . " Mr. Moody added that the Company's mortality experience for other than COVID - 19 related claims remained within the Company's assumptions for its products . The Company's book value per share , after adjusting for market value fluctuations recorded in accumulated other comprehensive income , surpassed $ 600 per share for the first time . Mr. Moody stated , " Our core book value growth rate during the quarter was strong and is a reflection of solid operating results and the profitable book of business that we have cultivated over time . " National Western Life Group , Inc. is the parent organization of National Western Life Insurance Company , which is the parent organization of Ozark National Life Insurance Company , both stock life insurance companies in aggregate offering a broad portfolio of individual universal life , whole life and term insurance plans , as well as annuity products . At March 31 , 2021 , the Company maintained consolidated total assets of $ 14.6 billion , consolidated stockholders ' equity of $ 2.5 billion , and combined life insurance in force of $ 21.7 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 .