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NWLGI NEWS RELEASE National Western Life Group , Inc. EXHIBIT 99.1 National Western Life Group , Inc. Announces 2021 Second Quarter Earnings Austin , Texas , August 6 , 2021 - Ross R. Moody , Chairman of the Board , President , and Chief Executive Officer of National Western Life Group , Inc. ( Nasdaq : NWLI ) , announced today second quarter 2021 consolidated net earnings of $ 49.9 million , or $ 14.11 per diluted Class A common share , compared with consolidated net earnings of $ 48.4 million , or $ 13.69 per diluted Class A common share , for the second quarter of 2020. For the six months ended June 30 , 2021 , the Company reported consolidated net earnings of $ 112.0 million , or $ 31.68 per diluted Class A common share , compared with $ 46.4 million , or $ 13.11 per diluted Class A common share , a year ago . The Company's book value per share as of June 30 , 2021 was $ 698.52 . The Company reported total revenues , excluding realized and unrealized gains on index options and investments , of $ 178.6 million in the quarter ended June 30 , 2021 compared to $ 172.6 million in the second quarter of 2020 , and $ 379.5 million in the six months ended June 30 , 2021 versus $ 328.3 million in the comparable period in 2020 . Commenting on the Company's revenues , Mr. Moody pointed to successful sales results in combination with benefits realized from risk management initiatives as factors producing favorable results : " We continue to see recovery from 2020 sales levels which were negatively impacted by the COVID - 19 pandemic and are now achieving sales results that surpass our pre - pandemic sales amounts . Life insurance sales were up 43 % in the second quarter over last year , including the sales results of Ozark National whose reliance on a face - to - face sales model significantly hampered their production in 2020. Annuity sales increased 49 % in the second quarter compared to 2020 , and we are excited about new product launches scheduled for the third quarter that were delayed by the challenges which came with the pandemic . " Mr. Moody added , " Our risk management processes lead to the funds withheld reinsurance transaction executed at the end of last year . It has accomplished precisely what we were targeting , namely stabilization of our cash flows and relief from compressed interest rate margins on legacy blocks of fixed rate annuity business . " The Company's net earnings for the first six months increased 142 % over the net earnings reported in the first six months of 2020. Mr. Moody observed , " In addition to sales growth and the strategic use of reinsurance , we are beginning to see traction in various investment initiatives undertaken in the past year . Net investment income has benefited from incremental yield with the introduction of a disciplined alternative investment strategy and expanded commercial mortgage lending , and we have successfully reduced index option costs used to hedge our fixed - index life and annuity products . " 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 aggregate offering a broad portfolio of individual universal life , whole life and term insurance plans , as well as annuity products . At June 30 , 2021 , the Company maintained consolidated total assets of $ 14.5 billion , consolidated stockholders ' equity of $ 2.5 billion , and combined life insurance in force of $ 21.4 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 .