Interested to see what they say in their Letter to Shareholders in their annual report.
"One of the things that we cannot control is the sentiment of financial markets and more specifically how market participants view the value of National Western. We can certainly work hard to do our best to influence the perception of investors. Prior to the financial crisis of the past few years, the market’s assessment of our worth moved lockstep with our book value per share. As we have communicated in the past, our strategy is focused on building up the intrinsic value of the Company by reinvesting in our core businesses, maintaining a rock-solid balance sheet, building upon our reputation for prudent financial management philosophies and execution, and delivering consistent and profitable growth. Although there are larger paradigm factors contributing to the dislocation between the publicly traded price per share and our intrinsic worth as measured by the book value per share, we believe that the current period is an aberration that can be corrected by continuing to do the right things which create future value over the long-term ultimately enhancing shareholder value."