AUSTIN,
Texas, May 16, 2023 /PRNewswire/ -- National
Western Life Group, Inc. (Nasdaq: NWLI) (the "Company" or "NWLGI")
today announced that the Company is exploring strategic
alternatives in order to maximize value for the Company's
stockholders.
The Company has engaged Goldman Sachs & Co. LLC as financial
advisor to assist it with this strategic alternatives review
process, and has established an ad hoc committee, consisting solely
of independent directors, to oversee the process. No decision
has been made to enter into a sale, merger or other strategic
transaction, and there can be no assurance regarding the timing or
outcome of this strategic alternatives review process.
In order to protect the interests of all of its stockholders,
the Company does not intend to disclose further developments unless
and until it approves a specific course of action or determines
that further disclosure is appropriate or required.
About National Western Life Group, Inc.
National Western Life Group, Inc. is the parent holding company
of National Western Life Insurance Company ("National Western
Life") and Ozark National Life Insurance Company ("Ozark
National"). National Western Life is a stock life insurance
company, chartered in the State of
Colorado in 1956, currently licensed to do business in all
U.S. states (except for New York),
the District of Columbia, as well
as four U.S. territories or possessions. At March 31, 2023, National Western maintained
80,279 policies for its life insurance products and 97,085 annuity
contracts.
In 2019, National Western Life acquired Ozark National, a
Missouri domiciled, stock life
insurance company currently licensed to conduct business in thirty
states. At March 31, 2023, Ozark
National maintained 171,016 policies for its life insurance
products. As part of this acquisition, NWLGI acquired N.I.S.
Financial Services, Inc., a broker-dealer affiliated with Ozark
National providing mutual fund investment products.
Caution Regarding Forward-Looking Statements:
This press release contains statements that are or may be
viewed as forward-looking within the meaning of The Private
Securities Litigation Reform Act of 2005. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected,
anticipated or implied. These risks and uncertainties include, for
example, (1) the timing of the strategic alternatives review,
(2) the outcome of the strategic alternatives review,
including whether any transaction occurs at all, (3) if a
transaction does occur, the form (cash, securities or other
consideration) and the amount of the consideration, if any, paid to
the Company's stockholders, and (4) if a definitive agreement
for a transaction is signed with another party, whether the
conditions to closing are satisfied, including any necessary
insurance regulatory or other approvals.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included herein and elsewhere,
including the risk factors included in the Company's most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q and
other documents of the Company on file with the SEC. The
Company does not undertake any obligation to update, correct or
otherwise revise any forward-looking statements. All
subsequent written and oral forward-looking statements attributable
to the Company and/or any person acting on its behalf are expressly
qualified in their entirety by this section.
National Western Life Group, Inc.
Investor Relations Contact:
Brian M. Pribyl - Senior Vice
President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nwlic.com
www.nwlgi.com
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SOURCE National Western Life Group, Inc.