Analyst Summary: National Western Life Group, Inc. has reported consolidated net earnings for 2022 of $101.1 million, or $28.60 per diluted Class A common share, compared to $180.7 million, or $51.10 per diluted Class A common share in 2021. The company's book value per share as of December 31, 2022, was $552.04. The company's year-end financial statements were impacted by higher interest rate levels and the negative impact that higher rates have when recording investment balances at fair market value. The company's investment revenues declined $219.1 million due to unrealized losses from recording trading debt securities and equity securities at fair market value. The company's book value per share, excluding accumulated other comprehensive income (loss) which includes fluctuations from changes in fair value adjustments, grew from $639.09 at December 31, 2021, to $666.56 at December 31, 2022. The President and CEO noted that "similar to industry year-end earnings released thus far, the company's financial statements incurred declines due to the impact of higher interest rate levels and the negative impact higher rates impose when recording investment balances at fair market value." Furthermore, investors should be aware that "there can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our results of operations."