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National Western Life Group, Inc. News Releases

Austin, Texas, February 28, 2019

Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2018 consolidated net earnings of $116.8 million, or $33.02 per diluted Class A common share, compared with consolidated net earnings of $110.4 million, or $31.23 per diluted Class A common share, for 2017. The Company's book value per share increased to $522.76 as of December 31, 2018 from $503.88 as of December 31, 2017. For the quarter ended December 31, 2018, the Company reported consolidated net earnings of $21.8 million, or $6.16 per diluted Class Acommon share, compared with $39.6 million, or $11.19 per diluted Class A common share, in the fourth quarter of 2017. Results for the fourth quarter of 2017 included a $17.1 million tax benefit for implementation of provisions of the Tax Cuts and Job Acts passed in December of that year.

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