AUSTIN, Texas, March 14, 2011 /PRNewswire/ -- Ross R. Moody, President of National Western Life Insurance Company (Nasdaq:NWLI - News), announced today fourth quarter 2010 consolidated net earnings of $20.2 million, or $5.72 per diluted Class A common share, compared with consolidated net earnings of $12.7 million, or $3.59 per diluted Class A common share, for the fourth quarter of 2009. For the year ended December 31, 2010, the Company reported consolidated net earnings of $72.9 million, or $20.61 per diluted Class A common share, compared with $45.5 million, or $12.87 per diluted Class A common share, a year ago. The Company's book value per share at December 31, 2010 increased to $335.83 from $334.84 at September 30, 2010.
I'm pleased with the earnings. Puts the stock at a P/E for 2010 of under 8 and at less than half of book value. Not many stocks out there like this with such consistent earnings.
If you look at their annual report, they list the countries where they have the largest exposure and Japan is not one of them, so I wouldn't expect a big hit. Plus, this again puts pressure on the industry and NWLI in a position where the competition could lessen (for example reinsurance costs will be going up) and they can write more profitable business.