NU Online News Service, May 8, 2003, 11:17 a.m. EDT – National Western Life Insurance Company, Austin, Texas, is reporting $9.7 million in net income for the first quarter on $77 million in revenue, down from $12 million in net income on $81 million in revenue for the first quarter of 2002.

National Western sells annuities and life insurance.

Net results for the latest quarter include $6.7 million in losses resulting from write-downs of several collateralized bond obligation instruments and write-downs of debt issued by the parent company of American Airlines, National Western says.