A.M. Best Comments on Credit Ratings of National Western Life Insurance Company Following Acquisition Announcement

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has commented that the Financial Strength Rating (FSR)
of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR)
of “a” of National Western Life Insurance Company (NWLIC) (Austin, TX)
is unchanged following the Oct. 4, 2018, announcement that NWLIC has
entered into a stock purchase agreement to acquire all of the
outstanding stock of Ozark National Life Insurance Company (Ozark)
(Kansas City, MO) and N.I.S. Financial Services, Inc. from CNS
Corporation in exchange for approximately $203 million in cash, subject
to certain adjustments. The transaction is expected to close during the
first quarter of 2019, subject to customary closing conditions,
including regulatory approval. The Long-Term ICR of “bbb” of NWLIC’s
parent company, National Western Life Group, Inc., also remains
unchanged following the announcement. The outlook of these Credit
Ratings (ratings) is stable.

The acquisition, which is consistent with NWLIC’s strategic objective of
expanding its life insurance sales, is expected to be initially dilutive
to NWLIC’s risk-adjusted capitalization, although it is expected to
continue to remain in a range that A.M. Best would assess to be at the
strongest level.

A.M. Best anticipates that Ozark will be maintained as a direct
subsidiary of NWLIC and continue to operate under its current brand over
the near term, while continuing to distribute its own life insurance
product through its existing career agency channel.

This press release relates to Credit Ratings that have been published
on A.M. Best’s website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best’s
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and A.M. Best press releases, please view
for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating
Action Press Releases

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A.M. Best
Louis Silvers
Senior Financial

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Manager, Public Relations
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