The other thing to think about is NWLI is by no means the only insurance company suffering from valuation issues.
Look at HIG which trades at a similar P/B and even lower P/E. The difference however is that HIG (and MET and others) have committed to returning capital to shareholders whereas NWLI has pretty much committed to NOT doing this.
Seems like a no-brainer to buy back some share at current levels. Would actually help the Moody's increase their wealth faster as their ownership of the company would increase as would their share of the company so would be a win for both sides.
well, i have looked closer (i guess EITF-09g is also referred to something else) and it appears according to management this will not have a big impact on the balance sheet. it's somewhat surprising given the hit that others are saying it is going to be.