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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-55522

NATIONAL WESTERN LIFE GROUP, INC.
(Exact name of Registrant as specified in its charter)

Delaware  47-3339380
(State or Other Jurisdiction of Incorporation)  (IRS Employer Identification No.)
 
10801 N. Mopac Expy Bldg 3
Austin,Texas 
78759(512)836-1010
(Address of Principal Executive Offices) (Zip Code) (Telephone Number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:
Title of each class to be so registered:Trading Symbol Name of each exchange on which
each class is to be registered:
Class A Common Stock, $0.01 par valueNWLI The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes ☒   No ☐ 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). : Yes ☒   No ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definition of "accelerated filer." "large accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☒  Accelerated filer ☐  Non-accelerated filer (Do not check if a smaller reporting company)  ☐  Smaller reporting company ☐  Emerging growth company ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐    No ☒
As of May 8, 2024, the number of shares of Registrant's common stock outstanding was: Class A – 3,436,020 and  Class B - 200,000.

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TABLE OF CONTENTS
 Page
March 31, 2024 and December 31, 2023 (Unaudited)
For the Three Months Ended March 31, 2024 and 2023 (Unaudited)
For the Three Months Ended March 31, 2024 and 2023 (Unaudited)
For the Three Months Ended March 31, 2024 and 2023 (Unaudited)
For the Three Months Ended March 31, 2024 and 2023 (Unaudited)
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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

ASSETSMarch 31,
2024		December 31,
2023
Investments:  
Debt securities available-for-sale, net of allowance for credit losses ($0 and $0), at fair value (cost: $7,712,847 and $7,714,503)
$7,071,553 7,108,188 
Debt securities trading, at fair value (cost: $1,142,723 and $1,204,968)
985,435 1,046,856 
Mortgage loans, net of allowance for credit losses ($3,665 and $3,651), ($19,388 and $19,580 at fair value)
470,793 474,133 
Policy loans64,838 66,602 
Derivatives, index options114,669 85,158 
Equity securities, at fair value (cost: $14,229 and $14,268)
26,399 24,098 
Other long-term investments311,418 295,471 
Short-term investments, at fair value
24,093 — 
Total investments9,069,198 9,100,506 
Cash and cash equivalents450,499 482,758 
Deferred policy acquisition costs
619,967 628,673 
Deferred sales inducements
67,183 70,950 
Value of business acquired
127,827 129,905 
Cost of reinsurance
65,042 67,937 
Market risk benefits asset, at fair value
39,474 30,819 
Accrued investment income89,997 82,484 
Federal income tax receivable— 3,073 
Amounts recoverable from reinsurer, net of allowance for credit losses ($0 and $0)
1,471,609 1,542,424 
Other assets115,648 111,086 
Total assets$12,116,444 12,250,615 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)

LIABILITIES AND STOCKHOLDERS’ EQUITYMarch 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 liabilities148,000 143,766 
Funds withheld liability1,161,625 1,195,413 
Deferred Federal income tax liability
11,906 14,335 
Federal income tax payable14,675 — 
Other liabilities230,646 198,258 
Total liabilities9,619,469 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 capital41,716 41,716 
Accumulated other comprehensive income (loss)
(338,930)(322,573)
Retained earnings
2,794,153 2,720,545 
Total stockholders’ equity2,496,975 2,439,724 
Total liabilities and stockholders' equity$12,116,444 12,250,615 

Note:  The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Financial Statements as of that date.

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).

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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
(In thousands, except per share amounts)

 20242023
Premiums and other revenues:  
Universal life and annuity contract charges
$34,370 35,357 
Traditional life and single premium immediate annuity with life contingency ("SPIAWLC") premiums
22,858 21,576 
Net investment income134,361 89,909 
Other revenues5,985 5,705 
Net realized investment gains (losses)
(8)67 
Total revenues197,566 152,614 
Benefits and expenses:  
Life and other policy benefits
25,519 24,190 
Market risk benefits (gains) losses
(16,417)36,960 
Amortization of deferred transaction costs
20,439 21,274 
Universal life and annuity contract interest
41,611 30,212 
Other operating expenses33,136 24,683 
Total benefits and expenses104,288 137,319 
Earnings before Federal income taxes93,278 15,295 
Federal income taxes19,670 2,991 
Net earnings$73,608 12,304 
Basic earnings per share:  
Class A (Note 4)$20.82 3.48 
Class B (Note 4)$10.41 1.74 
Diluted earnings per share:  
Class A (Note 4)$20.82 3.48 
Class B (Note 4)$10.41 1.74 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).


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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
(In thousands)

 20242023
Net earnings$73,608 12,304 
Other comprehensive income, net of effects of taxes:
  
Unrealized gains (losses) on debt securities available-for-sale:  
Net unrealized holding gains (losses) arising during period
(27,640)125,201 
Reclassification adjustment for net amounts included in net earnings6 (53)
Net unrealized gains (losses) on securities
(27,634)125,148 
Effect of discount rate changes on liability for future policy benefits
17,474 (21,714)
Foreign currency translation adjustments
(3,203)(30)
Benefit plans:  
Amortization of net prior service cost and net gain (loss)(2,994)(399)
Other comprehensive income (loss)
(16,357)103,005 
Comprehensive income
$57,251 115,309 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).





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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
(In thousands)

 20242023
Common stock:  
Balance at beginning of period$36 36 
Balance at end of period36 36 
Additional paid-in capital:  
Balance at beginning of period41,716 41,716 
Balance at end of period41,716 41,716 
Accumulated other comprehensive income (loss):  
Unrealized gains (losses) on debt securities available-for-sale:
  
Balance at beginning of period(478,989)(653,431)
Change in unrealized gains (losses) during period, net of tax(27,634)125,148 
Balance at end of period(506,623)(528,283)
Changes in the Liability for future policy benefits related to changing discount rates:
Balance at beginning of period145,881 170,701 
Change in liability for future policy benefits during period, net of tax17,474 (21,714)
Balance at end of period163,355 148,987 
Foreign currency translation adjustments:
  
Balance at beginning of period6,528 6,450 
Change in translation adjustments during period(3,203)(30)
Balance at end of period3,325 6,420 
Benefit plan liability adjustment:  
Balance at beginning of period4,007 (1,939)
Amortization of net prior service cost and net gain (loss), net of tax(2,994)(399)
Balance at end of period1,013 (2,338)
Accumulated other comprehensive income (loss) at end of period(338,930)(375,214)
Continued on Next Page
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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (continued)
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
(In thousands)
20242023
Retained earnings:  
Balance at beginning of period
2,720,545 2,627,389 
Net earnings
73,608 12,304 
Balance at end of period 2,794,153 2,639,693 
Total stockholders' equity$2,496,975 2,306,231 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).



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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
(In thousands)
 20242023
Cash flows from operating activities:  
Net earnings$73,608 12,304 
Adjustments to reconcile net earnings to net cash from operating activities:  
Universal life and annuity contract interest
41,611 30,212 
Surrender charges and other policy revenues (6,157)(4,782)
Realized (gains) losses on investments8 (67)
Accretion/amortization of discounts and premiums, investments(700)(893)
Depreciation and amortization2,415 2,545 
Increase (decrease) in estimated credit losses on investments14 128 
(Increase) decrease in value of debt securities trading(824)(24,335)
(Increase) decrease in value of equity securities(2,351)(1,095)
(Increase) decrease in value of derivative options(38,474)(2,933)
(Increase) decrease in value of alternative investments
(6,450)— 
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired
14,551 14,755 
(Increase) decrease in accrued investment income(7,513)(6,526)
(Increase) decrease in reinsurance recoverable
70,815 16,069 
(Increase) decrease in cost of reinsurance 2,895 3,025 
(Increase) decrease in other assets
(3,911)(5,199)
Increase (decrease) in liabilities for future policy benefits
2,835 16,527 
Increase (decrease) in market risk benefits liability
(20,147)44,339 
Increase (decrease) in other policyholder liabilities 4,234 (20,864)
Increase (decrease) in Federal income tax liability17,748 12,809 
Increase (decrease) in deferred Federal income tax
1,919 (9,810)
Increase (decrease) in funds withheld liability(33,788)(20,731)
Increase (decrease) in other liabilities
(8,205)(8,427)
Net cash provided by operating activities104,133 47,051 
Cash flows from investing activities:  
Proceeds from sales of:  
Debt securities available-for-sale— 2,038 
Debt securities trading31,972 7,445 
Other investments50 1,134 
Proceeds from maturities, redemptions, and prepayments of:  
Debt securities available-for-sale180,445 265,496 
Debt securities trading52,697 15,239 
  Other investments6,365 4,735 
Derivatives, index options22,060 — 
Continued on Next Page
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NATIONAL WESTERN LIFE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
(In thousands)
20242023
Purchases of:  
Debt securities available-for-sale(149,088)(73,767)
Debt securities trading(17,476)(41,988)
Equity securities— (11)
Derivatives, index options(13,282)(12,945)
Other investments(15,980)(13,533)
Property, equipment, and other productive assets(323)(1,035)
Net change in short-term investments(24,093)— 
Principal payments on mortgage loans3,269 3,417 
Cost of mortgage loans acquired— (1,800)
Decrease (increase) in policy loans1,598 238 
Other (increases) decreases to funds withheld714 576 
Net cash provided by investing activities
78,928 155,239 
Cash flows from financing activities:  
Deposits to account balances for universal life and annuity contracts
25,181 31,151 
Return of account balances on universal life and annuity contracts
(236,361)(226,752)
Principal payments under finance lease obligation(86)(85)
Net cash provided by (used in) financing activities(211,266)(195,686)
Effect of foreign exchange
(4,054)(38)
Net increase (decrease) in cash, cash equivalents, and restricted cash(32,259)6,566 
Cash, cash equivalents, and restricted cash at beginning of period482,758 295,270 
Cash, cash equivalents and restricted cash at end of period$450,499 301,836 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Cash paid during the period for:  
Interest$19 18 
Income taxes4 5 
Noncash operating activities:
Net deferral and amortization of sales inducements
$(3,767)(3,299)
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(1) CONSOLIDATION AND BASIS OF PRESENTATION

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position and results of operations of National Western Life Group, Inc. ("NWLGI") and its wholly owned subsidiaries (collectively, the “Company”), on a basis consistent with the prior audited consolidated financial statements, as of March 31, 2024, and for the three months ended March 31, 2024 and March 31, 2023. Certain reclasses of prior year balances have been made for comparison. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. It is recommended that these Condensed Consolidated Financial Statements be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 which is accessible free of charge through the Company's internet site at www.nwlgi.com or the Securities and Exchange Commission internet site at www.sec.gov. The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from the audited consolidated financial statements as of that date.

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of NWLGI and its wholly owned subsidiaries: National Western Life Insurance Company ("NWLIC" or "National Western"), Regent Care San Marcos Holdings, LLC, and N.I.S. Financial Services, Inc. ("NIS"). National Western's wholly owned subsidiaries include The Westcap Corporation, NWL Financial, Inc., NWLSM, Inc., Braker P III, LLC, and Ozark National Life Insurance Company ("Ozark National"). All significant intercorporate transactions and accounts have been eliminated in consolidation.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates in the accompanying Condensed Consolidated Financial Statements include: (1) liabilities for future policy obligations and market risk benefits, (2) valuation of derivative instruments, (3) recoverability and amortization of deferred policy acquisition costs ("DPAC"), deferred sales inducements ("DSI"), the value of business acquired ("VOBA"), and the cost of reinsurance ("COR"), (4) valuation allowances for deferred tax assets, (5) goodwill, (6) allowances for credit losses on available-for-sale debt securities, (7) allowance for credit losses for mortgage loans and reinsurance recoverables, and (8) commitments and contingencies.

The Company maintains two funds withheld coinsurance agreements which incorporate accounting policies related to trading debt securities and embedded derivatives on reinsurance in its financial statements. Trading securities represent debt securities that are included in the fund assets withheld as part of the funds withheld coinsurance agreements to support the policyholder liability obligations ceded to reinsurers. Trading debt securities are reported in the accompanying Condensed Consolidated Financial Statements at their fair values with changes in their fair values reflected as a component of Net investment income in the Condensed Consolidated Statements of Earnings. Since these trading debt securities pertain to investment activities related to coinsurance agreements rather than as an income strategy based on active trading, they are classified as investing activities in the Condensed Consolidated Statements of Cash Flows. Under the terms of the coinsurance funds withheld agreements, while the assets are withheld, the associated interest and credit risk of those assets are transferred to the reinsurers creating an embedded derivative on reinsurance in the funds withheld liability. Accordingly, the Company is required to bifurcate the embedded derivative from the host contract in accordance with ASC 815-15. The bifurcated embedded derivative on reinsurance is computed as the fair value unrealized gain (loss) on the underlying funds withheld assets. This amount is included as a component of the funds withheld liability balance reported on the Condensed Consolidated Balance Sheets, with changes in the embedded derivative on reinsurance reported in Net investment income in the Condensed Consolidated Statements of Earnings.



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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The table below shows the net unrealized gains and losses on available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and March 31, 2023.

Affected Line Item in the Condensed Consolidated Statements of EarningsAmount Reclassified From Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31,
20242023
(In thousands)
Other net investment (losses) gains
$(8)67 
Earnings before Federal income taxes(8)67 
Federal income taxes(2)14 
Net earnings$(6)53 


(2) NEW ACCOUNTING PRONOUNCEMENTS

Recent accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to have a material impact on the Consolidated Financial Statements and related disclosures upon adoption.

Accounting pronouncements adopted

Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI)

In August 2018, the FASB issued ASU 2018-12. This update pertained to long-duration contracts and improvement in the timeliness of recognizing changes in the liability for future policy benefits, simplification of accounting for certain market-based options, simplification of the amortization of deferred policy acquisition costs, and improvement in the effectiveness of required disclosures. Amendments included the following:

A. Require an insurance entity to (1) review and update assumptions used to measure cash flows at least annually (with changes recognized in net income) and (2) update discount rate assumptions at each quarterly reporting date with the impact recognized in Other comprehensive income ("OCI").

B. Require an insurance entity to measure all market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk, associated with deposit (i.e. account balance) contracts at fair value. The periodic change in fair value attributable to change in instrument-specific credit risk is recognized in OCI.

C. Simplify amortization of deferred policy acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins and require those balances be amortized on a constant basis over the expected term of the related contracts. Deferred policy acquisition costs are required to be written off for unexpected contract terminations but are not subject to impairment testing.

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
D. Require an insurance entity to add disclosures of disaggregated rollforwards of significant insurance liabilities and other account balances (i.e. beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs). The insurance entity must also disclose information about significant inputs, judgments, assumptions, and methods used in measurement, including changes in those inputs, judgments, and assumptions, and the effect of those changes on measurement.

In November 2020, the FASB released ASU 2020-11 Financial Services – Insurance (Topic 944). The amendments in this update deferred the effective date of adoption of ASU 2018-12 for all entities by one year. In particular, for publicly traded business entities, adoption of LDTI was made effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years.

On January 1, 2023, the Company adopted the requirements of the new standard, using the retrospective method for market risk benefits and the modified retrospective method for the liability for future policy benefits, and deferred policy acquisition costs and related balances, such that those balances were adjusted to conform to ASU 2018-12 as of January 1, 2021, the transition date.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future Consolidated Financial Statements.


(3) STOCKHOLDERS' EQUITY

Prior to his death on November 7, 2023, Robert L. Moody, Sr., the Chairman Emeritus of the Company, was the controlling stockholder of the Company because he controlled, through the Robert L. Moody, Sr. Revocable Trust (the "Moody Revocable Trust"), 99.0% of the 200,000 aggregate outstanding shares of the Company's Class B Common Stock. Under the terms of the Moody Revocable Trust, the shares of Class B Common Stock held by the Moody Revocable Trust pass to Three R Trust, a trust created by Robert L. Moody Sr. for the benefit of his children and their lineal descendants. The trustee of the Moody Revocable Trust, however, is authorized to retain trust properties, including the shares of Class B Common Stock, for as long as is necessary to administer the trust and Robert L. Moody Sr.'s estate, including the payment of debts, expenses and taxes. Therefore, upon Robert L. Moody, Sr.'s death, Three R Trust acquired beneficial ownership of the shares of Class B Common Stock held by the Moody Revocable Trust. However, legal title will remain with the Moody Revocable Trust for the foreseeable future. Therefore, until the transfer of legal title to Three R Trust, Moody National Bank (as trustee of the Moody Revocable Trust) retains the voting power with respect to those shares of Class B Common Stock.

The shares of Class B Common Stock owned by the Moody Revocable Trust represent 5.45% of the total number of outstanding shares of the Company. Holders of the Company's Class A Common Stock elect one-third of the Board of Directors of the Company (rounded up to the nearest whole number if not evenly divisible by three), and holders of the Class B Common Stock elect the remainder. Any cash or in-kind dividends paid on each share of Class B Common Stock are limited to one-half of the cash or in-kind dividends paid on each share of Class A Common Stock. In the event of liquidation of the Company by dissolution, the holders of Class A Common Stock will receive the par value of their shares; then the holders of Class B Common Stock will receive the par value of their shares; and the remaining net assets of the Company shall be divided between the stockholders of both Class A Common Stock and Class B Common Stock based upon the number of shares held. The approval of the holders of two-thirds of the outstanding Class A Common Stock is required to modify these dividend and liquidation provisions. Except as described above in this paragraph, on all matters submitted to the Company's stockholders other than the election or removal of directors, the holders of Class A Common Stock and Class B Common Stock vote together as a single class, with each share entitled to one vote.

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
As the sole owner of National Western, all dividends declared by National Western are payable entirely to NWLGI and are eliminated in consolidation. National Western is restricted by state insurance laws as to dividend amounts which may be paid to stockholders without prior approval from the Colorado Division of Insurance. The restrictions are based on the lesser of statutory earnings from operations, excluding capital gains, or 10% of statutory surplus of National Western as of the previous year-end. Under these guidelines, the maximum dividend payment which may be made without prior approval in 2024 is $70.5 million. National Western did not declare or pay cash dividends to NWLGI during the three months ended March 31, 2024 and 2023.

Ozark National is similarly restricted under the state insurance laws of Missouri as to dividend amounts which may be paid to stockholders without prior approval to the greater of 10.0% of the statutory surplus of Ozark National from the preceding year-end or the company's net gain from operations, excluding capital gains, from the prior calendar year. Based upon this restriction, the maximum dividend payment which may be made in 2024 without prior approval is $24.3 million. All dividends declared by Ozark National are payable entirely to NWLIC as the sole owner and are eliminated in consolidation. Ozark National did not declare or pay cash dividends to NWLIC during the three months ended March 31, 2024 and 2023.

NIS is restricted under FINRA rules as to the maximum dividend amounts that can be paid out to stockholders. Maximum allowable dividend amounts are determined based on calculations which require that certain net capital thresholds be maintained after dividends are paid out. Under these guidelines, at December 31, 2023 the maximum dividend payment amount was $5.6 million. No dividends were declared or paid in the three months ended March 31, 2024. During the three months ended March 31, 2023, NIS declared and paid a $12.0 million dividend to NWLGI as its sole stock owner. All dividends declared and paid by NIS are eliminated in consolidation.

The Company entered into an agreement and plan of merger on October 8, 2023 with S. USA Life Insurance Company, Inc. and PGH Merger Inc. At the effective time of the merger, anticipated to be sometime in the second quarter of 2024, each issued and outstanding share of Class A Common Stock and Class B Common Stock will be converted into the right to receive $500.00 per share in cash, without interest.

NWLGI did not declare or pay cash dividends on its common shares during the three months ended March 31, 2024 and 2023. Under the terms of the merger agreement, the Company is not permitted to pay cash dividends prior to the closing of the merger, except for annual cash dividends of not more than $0.36 per share on Class A Common Stock ($0.18 per share for Class B Common Stock), consistent with the Company's historical payment schedule. The Company's board of directors did declare and pay a cash dividend in the respective per share amounts described above during the fourth quarter of 2023.


(4) EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net earnings available to each class of common stockholders on an as if distributed basis by the weighted-average number of common shares outstanding for the period. Diluted earnings per share, by definition, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock, that then shared in the distributed earnings of each class of common stock. U.S. GAAP requires a two-class presentation for the Company's two classes of common stock (refer to Note (3) Stockholders' Equity). The Company currently has no share-based compensation awards outstanding that could be redeemed for shares of common stock.

14
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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Net earnings for the periods shown below are allocated between Class A shares and Class B shares based upon (1) the proportionate number of shares issued and outstanding as of the end of the period, and (2) the per share dividend rights of the two classes under the Company's Restated Certificate of Incorporation (the Class B dividend per share is equal to one-half the Class A dividend per share).

 Three Months Ended March 31,
 20242023
 Class AClass BClass AClass B
 (In thousands except per share amounts)
Numerator for Basic and Diluted Earnings Per Share:    
Net earnings$73,608  12,304  
Dividends - Class A shares—  —  
Dividends - Class B shares—  —  
Undistributed earnings$73,608  12,304  
Allocation of net earnings:    
Dividends$— — — — 
Allocation of undistributed earnings71,526 2,082 11,956 348 
Net earnings$71,526 2,082 11,956 348 
Denominator:    
Basic earnings per share - weighted-average shares3,436 200 3,436 200 
Effect of dilutive stock options— — — — 
Diluted earnings per share - adjusted weighted-average shares for assumed conversions3,436 200 3,436 200 
Basic earnings per share$20.82 10.41 3.48 1.74 
Diluted earnings per share$20.82 10.41 3.48 1.74 


15
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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(5) DEFERRED TRANSACTION COSTS

Deferred transaction costs include deferred policy acquisition costs ("DPAC"), deferred sales inducements ("DSI"), value of business acquired ("VOBA"), and cost of reinsurance ("COR"). Amortization and experience adjustments for DPAC, VOBA and COR are reported as Amortization of deferred transaction costs in the Condensed Consolidated Statements of Earnings. Amortization and experience adjustments on DSI are reported as gross reserve changes in Universal life and annuity contract interest in the Condensed Consolidated Statements of Earnings.

Deferred policy acquisition costs ("DPAC") include certain costs of successfully acquiring new insurance business, including commissions and other expenses related directly to the production of new business (indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expenses as incurred). Also included are premium bonuses and bonus interest credited to contracts during the first contract year only which are recorded as deferred sales inducements ("DSI").

DPAC and DSI are amortized on a constant level cohort basis over the expected term of the contracts approximating a straight-line amortization on an individual contract basis. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits. The constant-level basis for amortizing DPAC is generally in proportion to the initial face amount of life insurance in force for life insurance policies, in proportion to deposits for deferred annuity contracts, and in proportion to annual benefit payments for annuity contracts in payout mode.

The Company is required to write off deferred policy acquisition costs and unearned revenue liabilities upon internal replacement of certain contracts as well as annuitizations of deferred annuities. All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract are not written off, but instead are carried over to the new contract.

Current period amortization of DPAC and DSI is impacted by changes in actual insurance in force during the period as well as changes in future assumptions as of the end of each reporting period, where applicable. Assumptions used for DPAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contracts. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment.

VOBA is a purchase accounting convention for life insurance companies in business combinations based upon an actuarial determination of the difference between the fair value of policy liabilities acquired and the same policyholder liabilities measured in accordance with the acquiring company's accounting policies. The difference, referred to as VOBA, is an intangible asset subject to periodic amortization. It represents the portion of the purchase price allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. The Company performs recoverability testing of VOBA consistent with the recoverability analysis performed for DPAC and DSI balances. VOBA is amortized on the same basis used for DPAC and DSI balances.

The COR asset represents the amount of assets transferred at the closing date of a funds withheld agreement (debt securities, policy loans, and cash) in excess of the GAAP liability ceded plus a ceding commission paid to the reinsurer. The COR balance is amortized commensurate with the runoff of the ceded block of funds withheld business and the amortization expense is reported in the Condensed Consolidated Statements of Earnings.

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Deferred Policy Acquisition Costs - A summary of information related to DPAC is provided in the following table.

 Three Months Ended March 31, 2024
Deferred Policy Acquisition Costs
Domestic Traditional LifeDomestic Universal LifeInternational Traditional LifeInternational Universal LifeAnnuities excl. SPIAs WLCONL & Affiliates
 (In thousands)
Balance, beginning of period$2,899 180,234 9,874 138,031 279,637 17,998 
Capitalization additions3 3,953 — 90 1,788 926 
Amortization(65)(3,326)(267)(3,468)(8,103)(237)
Experience adjustment— — — — — — 
Balance, end of period$2,837 180,861 9,607 134,653 273,322 18,687 

 Three Months Ended March 31, 2023
Deferred Policy Acquisition Costs
Domestic Traditional LifeDomestic Universal LifeInternational Traditional LifeInternational Universal LifeAnnuities excl. SPIAs WLCONL & Affiliates
 (In thousands)
Balance, beginning of period$3,159 176,034 11,151 152,287 306,489 14,762 
Capitalization additions3 3,452 — 158 2,077 1,103 
Amortization(72)(3,094)(292)(3,792)(8,582)(204)
Experience adjustment— — — — — — 
Balance, end of period$3,090 176,392 10,859 148,653 299,984 15,661 

The following table summarizes DPAC balances by product line as of the end of the following periods.

March 31,
Deferred Policy Acquisition Costs
20242023
(In thousands)
Domestic traditional life$2,837 3,090 
Domestic universal life180,861 176,392 
International traditional life9,607 10,859 
International universal life134,653 148,653 
Annuities, excl. SPIAs with life contingencies273,322 299,984 
ONL & Affiliates18,687 15,661 
Total$619,967 654,639 

17
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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Deferred Sales Inducements - A summary of information related to DSI is provided in the following tables.

Three Months Ended March 31,
Deferred Sales Inducements
20242023
(In thousands)
Balance, beginning of year$70,950 85,303 
Capitalizations(1,930)(939)
Amortization expense(1,837)(2,360)
In-force ceded— — 
Experience adjustment— — 
Balance, end of period$67,183 82,004 

Value of Business Acquired - A summary of information related to VOBA is provided in the following table.

 March 31,
Value of Business Acquired
20242023
(In thousands)
Balance, beginning of period$129,905 138,495 
Amortization(2,078)(2,213)
Experience adjustment— — 
Balance as of end of period$127,827 136,282 

Estimated future amortization of VOBA, net of interest, is as follows as of March 31, 2024:

(In thousands)
Remainder of 2024
$6,077 
2025
7,743 
2026
7,331 
2027
6,945 
2028
6,578 

18
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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Cost of Reinsurance - A summary of information related to COR is provided in the following table.

 Three Months Ended March 31,
Cost of Reinsurance
20242023
SPIAs WLCAnnuities excl. SPIAs WLCSPIAs WLCAnnuities 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 

The following table summarizes the COR balance by product line as of the end of the following periods.

March 31,
Cost of Reinsurance
20242023
(In thousands)
SPIAs with life contingencies$10,994 11,451 
Annuities, excl. SPIAs with life contingencies54,048 63,852 
Total$65,042 75,303 


(6) POLICYHOLDER OBLIGATIONS

For universal life and annuity contracts, the liability for future policyholder obligations represents the account balance. Fixed-index products combine features associated with traditional fixed annuities and universal life contracts, with the option to have interest rates linked in part to an equity index. In accordance with GAAP guidance, the equity return component of such policy contracts must be identified separately and accounted for as embedded derivatives. The remaining portions of these policy contracts are considered the host contracts and are recorded separately as fixed annuity or universal life contracts. The host contracts are accounted for under GAAP guidance provisions that require debt instrument type accounting. The host contracts are recorded as discounted debt instruments that are accreted, using the effective yield method, to their minimum account values at their projected maturities or termination dates.

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Under GAAP, the liability for future policy benefits on traditional life products has been calculated using assumptions as to future mortality and withdrawals based on Company experience. Contracts are grouped into cohorts by product features and issue year. The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, the Company reviews its historical and future cash flow assumptions quarterly and updates the net premium ratio used to calculate the liability each time the assumptions are changed. Each quarter, the Company updates its estimate of cash flows expected over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. These updated cash flows are used to calculate the revised net premiums and net premium ratio, which are used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss and is presented as a separate component of benefit expense in the Condensed Consolidated Statements of Earnings. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions.

The discount rate assumption is an equivalent single rate that is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The Company selects fixed-income instruments that have been A-rated by one of the major credit rating agencies, such as Moody's, Standard & Poor's, or Fitch. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, the Company uses the last market-observable yield level, and uses linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

The embedded derivatives are recorded at fair value. The fair value of the embedded derivative component of policy benefit reserves is estimated at each valuation date by (a) projecting policy and contract values and minimum guaranteed values over the expected lives of the policies and contracts and (b) discounting the excess of the projected value amounts at the applicable risk free interest rates adjusted for nonperformance risk related to those liabilities. The projections of policy and contract values are based upon best estimate assumptions for future policy growth and future policy decrements. Best estimate assumptions for future policy growth includes assumptions for the expected index credit on the next policy anniversary date which are derived from the fair values of the underlying call options purchased to fund such index credits and the expected costs of annual cost options purchased in the future to fund index credits beyond the next policy anniversary. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values.

Other policy claims and benefits - Unearned revenue reserves are maintained that reflect the unamortized balance of charges assessed to interest sensitive contract holders which serve as compensation for services to be performed over future periods (policy premium loads). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred policy acquisition costs.

The Company updates the net premium ratio for actual historical experience each quarter. Future cash flow assumptions are reviewed each quarter and are updated at least annually.

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Liability for Policyholder Account Balances - The Company recognizes a liability for policyholder account balances, which includes universal life products and annuities other than single premium immediate annuities with life contingencies. The following tables summarize balances and changes in the Liability for policyholder account balances.

Three Months Ended March 31, 2024
Liability for Policyholder Account Balances
Domestic Universal LifeInternational Universal LifeAnnuities excl. SPIAs WLC
(In thousands)
Balance, beginning of period$1,454,356 490,603 4,955,532 
Premiums received29,416 8,057 24,296 
Policy charges(17,054)(16,687)(7,294)
Surrenders and withdrawals(12,933)(14,050)(156,174)
Benefit payments(8,279)(504)(38,411)
Interest credited19,438 5,152 14,146 
Change in embedded derivative
14,178 2,435 (9,122)
Change in unearned revenue reserve
3,092 (182)— 
Other(2,424)310 (8,055)
Balance, end of period1,479,790 475,134 4,774,918 
Less reinsurance recoverable— — (1,065,753)
Ending balance, net of reinsurance$1,479,790 475,134 3,709,165 
Weighted-average crediting rate6.34 %4.37 %1.11 %
Net amount at risk$1,557 5,973 1,241,261 
Cash surrender value$1,239,802 452,178 4,558,423 

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months Ended March 31, 2023
Liability for Policyholder Account Balances
Domestic Universal LifeInternational Universal LifeAnnuities excl. SPIAs WLC
(In thousands)
Balance, beginning of period$1,420,569 563,998 5,677,218 
Issuances— — — 
Premiums received27,587 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 credited3,267 2,249 13,857 
Change in embedded derivative
13,219 1,321 2,414 
Change in unearned revenue reserve411 (46)— 
Other313 125 (6,799)
Balance, end of period1,426,375 546,341 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 rate0.98 %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 

The following table summarizes the Liability for policyholder account balances by line of business as of the end of the following periods.

March 31,
Liability for Policyholder Account Balances
20242023
(In thousands)
Domestic universal life$1,479,790 1,426,375 
International universal life475,134 546,341 
Annuities excl. SPIAs with life contingencies4,774,918 5,530,940 
Total$6,729,842 7,503,656 

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table presents the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums.

March 31, 2024
At Guaranteed Minimum1-50 Basis Points Above51-150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
(In thousands)
Range of guaranteed minimum crediting rate:
Less than 2.00%$1,629,149 2,719 14,120 100,508 1,746,496 
2.00% - 2.99%502,653 6,482 85,106 47,036 641,277 
3.00% - 3.99%449,173 35,915 11,515 28 496,631 
4.00% and greater375,935 — — 39 375,974 
Total$2,956,910 45,116 110,741 147,611 3,260,378 

March 31, 2023
At Guaranteed Minimum1-50 Basis Points Above51-150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
(In thousands)
Range of guaranteed minimum crediting rate:
Less than 2.00%$1,977,043 2,291 38,739 140,367 2,158,440 
2.00% - 2.99%478,429 8,092 86,871 24,576 597,968 
3.00% - 3.99%453,414 40,857 2,780 27 497,078 
4.00% and greater398,573 — — 36 398,609 
Total$3,307,459 51,240 128,390 165,006 3,652,095 

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Additional Liability for Benefits in Excess of Account Balances And Liability for Future Policy Benefits - The following table provides the balances and changes in insurance liabilities related to universal life and annuities that are in addition to the account balance, including annuitization benefits and death or other insurance benefits.

Three Months Ended March 31, 2024
Additional Liability for Benefits in Excess of Account Balances and Liability for Future Policy Benefits
Domestic Universal LifeInternational Universal LifeAnnuities
(In thousands)
Balance, beginning of period$72,241 49,886 37,310 
Beginning balance before shadow reserve adjustments72,241 49,886 37,310 
Effect of changes in cash flow assumptions— — — 
Effect of actual variances from expected experience1,158 (1,546)(98)
Adjusted beginning of period balance73,399 48,340 37,212 
Issuances— — — 
Interest accrual1,106 618 342 
Assessments collected5,390 2,209 92 
Benefit payments(5,502)(1,259)(369)
Derecognition (lapses and withdrawals)— — — 
Other
(2)(270)13 
Ending balance before shadow reserve adjustments74,391 49,638 37,290 
Effect of shadow reserve adjustments— — — 
Balance, end of period74,391 49,638 37,290 
Less reinsurance recoverable, end of period— — (37,273)
Net additional liability, after reinsurance recoverable$74,391 49,638 17 

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NATIONAL WESTERN LIFE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months Ended March 31, 2023
Additional Liability for Benefits in Excess of Account Balances and Liability for Future Policy Benefits
Domestic Universal LifeInternational Universal LifeAnnuities
(In thousands)
Balance, beginning of period$63,804 46,402 38,502 
Beginning balance before shadow reserve adjustments63,804 46,402 38,502 
Effect of changes in cash flow assumptions— — — 
Effect of actual variances from expected experience4,693 (771)497 
Adjusted beginning of period balance68,497 45,631 38,999 
Issuances— — — 
Interest accrual184 93 374 
Assessments collected5,696 2,560 3 
Benefit payments(9,001)(1,360)(552)
Derecognition (lapses and withdrawals)— — — 
Other
(1)(423)(12)
Ending balance before shadow reserve adjustments65,375 46,501 38,812 
Effect of shadow reserve adjustments— — — 
Balance, end of period65,375 46,501