Thanks for the "Good Advice" Mr. Graham - the sound reasoning this past year and a half. Your efforts here are valuable - glad to see the cheap shots didn't dissuade you from posting
"Good advice costs nothing and it's worth the price" - Allan Sherman
Nice report, well presents the story, but I'd say you are being conservative in your targets. NWLI traded above 80% of book a lot of time in the good markets of the 1990's and also in the 2003 - 2007 period. I don't see why is couldn't do this again.
At current values, that would put the share price around $300, on say $25 of earnings, that's only a P/E of 12. Pretty reasonable for a safe stock which is growing it's value consistently.