National Western Life Group, Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021	FY2020 12 months to Dec 31, 2020	FY2019 12 months to Dec 31, 2019
Cash flows from operating activities:
Net earnings (Note 1)
Adjustments to reconcile net earnings to cash provided by operating activities:
Universal life and annuity contract interest
Universal life and annuity contract interest (Note 1)
Surrender charges and other policy revenues
Realized (gains) losses on investments
Accretion/amortization of discounts and premiums, investments
Depreciation and amortization
Increase (decrease) in estimated credit losses on investments
(Increase) decrease in value of debt securities trading
(Increase) decrease in value of equity securities
(Increase) decrease in value of derivative options
(Increase) decrease in value of alternative investments
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired (Note 1)
(Increase) decrease in accrued investment income
(Increase) decrease in reinsurance recoverable (Note 1)
(Increase) decrease in cost of reinsurance
(Increase) decrease in other assets (Note 1)
Increase (decrease) in liabilities for future policy benefits (Note 1)
Increase (decrease) in market risk benefits liability (Note 1)
(Decrease) increase in other policyholder liabilities
(Decrease) increase in Federal income tax liability
Increase (decrease) in deferred Federal income tax (Note 1)
Increase (decrease) in funds withheld liability
(Decrease) increase in other liabilities (Note 1)
Net cash provided by operating activities
Cash flows from investing activities:
Proceeds from sales of:
Debt securities held-to-maturity
Debt securities available-for-sale
Debt securities trading
Other investments

Proceeds from maturities, redemptions, and prepayments of:
Debt securities held-to-maturity
Debt securities available-for-sale
Debt securities trading
Other investments
Derivatives, index options
Property and equipment

Purchases of:
Debt securities held-to-maturity
Debt securities available-for-sale
Debt securities trading
Equity securities
Derivatives, index options
Other investments
Property and equipment
Property, equipment, and other productive assets

Payment to acquire businesses, net of cash acquired
Net change in short-term investments
Principal payments on mortgage loans
Cost of mortgage loans acquired
(Increase) decrease in policy loans
Other (increases) decreases to funds withheld
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Dividends on common stock
Deposits to account balances for universal life and annuity contracts (Note 1)
Return of account balances on universal life and annuity contracts (Note 1)
Borrowings under line of credit agreement
Principal payments on line of credit borrowings
Principal payments under finance lease obligation
Net cash provided by (used in) financing activities
Effect of foreign exchange (Note 1)
Net increase (decrease) in cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash at beginning of year
Cash, cash equivalents, and restricted cash at end of year
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest
Income taxes
Noncash operating activities:
Net deferral and amortization of sales inducements
Establishment of funds withheld liability (Note 5)
Deferred cost of reinsurance (see Note 5)
Deferred gain on reinsurance (Note 5)
Noncash investing activities:
Contingent consideration to acquire businesses
Exchange of debt securities available-for-sale for equity securities
Exchange of debt securities available-for-sale
Exchange of debt securities trading
Right of use asset obtained in exchange for finance lease liability

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