(註一: 十月十日台灣休市，而美西人壽的股價在十月十日的收價則是197元，比前一天的169.68元上漲16.1%。)
註二:黑色字是公司發的英文原文，藍色字則是Tony提供的參考翻譯。
NWL STOCK PRICE
On Thursday, October 9th, National Western’s publicly traded Class A Common Share (NASDAQ – “NWLI”) finished the day at $169.68 dropping approximately 31% from the previous day’s closing price.
在十月九日星期四，美西人壽公司的(NASDAQ – “NWLI”)A級普通股的收盤價與前一天的日收盤價比較，下跌$168美元，跌幅達31%。
Management does not believe that the decline in the price per share was related to matters specific to the Company.
公司管理階層不認為這樣的股價崩跌是公司本身的因素。
It is our determination that on this particular day the insurance sector was targeted by market participants who translated the capital issues that have been confronting the banking sector over the past few months to the insurance industry.
公司研判保險股之所以被大量拋售，是因為市場人士認為這幾個月以來銀行類股所遭遇到的資金問題也將發生在保險類股。
Several weeks ago, American International Group (AIG) made headlines with its announcement of an $85 billion loan from the government necessary to provide AIG with liquidity to avoid bankruptcy.
數星期前美國國際集團 (AIG)因向政府借貸八百五十億美元規避破產而成為頭條新聞。
More recently, Hartford Financial Services (Hartford) disclosed that one of Europe’s largest insurers would invest $2.5 billion into Hartford’s operations to provide an additional margin of capital.
同時近期Hartford Financial Services (Hartford)又公開歐洲最大之保險公司將投資二十五億於Hartford 營運以增加額外的資本保證金。
As capital levels are a key determinant in solvency ratings from independent rating agencies, the focus on looming investment losses in insurer portfolios along with the inability to access capital in the current climate precipitated the market perspective that the insurance industry was falling into a scenario similar to the banks.
然而，資金水位被獨立評鑑機構用作評定償付能力的關鍵重要因素，肇因於保險業的不當投資虧損，加上在目前市場景氣低迷時陷入難以取得資金的困境，促使整個保險業遭逢如銀行業一樣的難關。
National Western was not the only recipient of the change in investor attitude on Thursday. Protective Life Corporation’s share price declined over 44%, Lincoln National Corporation’s shares traded 34.5% lower, Principal Financial Group’s stock price finished over 27% lower, and Prudential Financial’s share price ended the day down 23%.
National Western 不是唯一一家保險公司在星期四受到投資者態度轉變而影響，同時Protective Life Corporation 股價下挫超過44%，Lincoln National Corporation下挫超過34.5%，Principal Financial Group下挫27%，及Prudential Financial's Groups 在這天則是下跌23%。
As of the close on Wednesday, October 8th, National Western’s share price was up 18.5% for the year while other insurer stocks such as Conseco and Phoenix Life were down 79% and 60%, respectively.
在十月八日星期三收盤時National Western 股價相對於今年年初上揚18.5%，而其他保險股如Conseco則是下跌79%及Phoenix Life下跌60%。
We suspect that market participants took note of the fact that we had not incurred a decline in share price like that of other insurers and seized the opportunity to sell the Company’s shares.
公司推測市場投資者察覺到本公司並沒有像其他保險業者趁機拋售其公司股票而導致股價下跌。
In addition, the short-selling ban imposed by the Securities and Exchange Commission on financial shares, including National Western’s, expired after the market close on October 8th and the activity on October 9th may have included short sell trades covering open positions.
再加上證期會禁止放空金融類股(包括National Western 股票)的禁制令在十月八日收盤後解除，在十月九日的股市表現可能與重新開放放空操作有關。
National Western continues to follow a philosophy of conservative financial management with a particular emphasis on strength and stability.
美西人壽公司遵循特別強調保守穩健的的財務操作原則。
As noted in their current report on the Company, A.M. Best indicates, "NWL maintains very strong risk-adjusted capitalization for its current business and investment risks. The company’s solid capital base is supported by its profitable operating performance as well as high quality fixed-income investments and a well-performing mortgage loan portfolio."
在最近一期A.M. Best的公司年報顯示：“美西人壽公司的資本組合針對它的商業及投資風險維持極優良的風險控管，美西公司穩固的資本由其自身獲利的公司營運表現以及高品質的固定投益投資與管理良好的抵押貸款為其支持基礎。”
We view today’s market activity as a response to the insurance sector in general rather than an indication of concern with the financial condition and strength of National Western.
公司認為今天的市場表現為市場對保險業界的看法，而不是反應美西公司的財務狀況及經營能力。
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