Book Value is reported at historical cost, and most of NWLI’s investment assets are held to maturity, hence are reported at amortized cost, as opposed to a fair value. Book value is reported at $398.36. If assets were reported at fair value, stockholder’s equity would increase by $112,548. This would increase book value to $429.30 per share.
Balance sheet would be increased by $112,548 ( Cost 9,034,438 – reported 9,146,986).
The above was based on my first read of the 10-K. Please correct me if I made an error.
On the balance sheet on page 84, you'll see the assets that are held for sale are carried in the balance sheet (and therefore book value) at fair value. The securities held to maturity are at amortized cost. SO, in this case, the increase in book value would = 6,656,144 - 6,510,320 = $145,824, so a book value of $440.82.
Similarly on page 149, you can subtract the Balance Sheet Amount from the Fair Value of their portfolio and get the same amount.