American National Announces First Quarter 2013 Results
GALVESTON, Texas, April 23, 2013 (GLOBE NEWSWIRE) -- American National
Insurance Company (Nasdaq:ANAT) announced first quarter 2013 net income of
$59,971,000 ($2.23 per diluted share) compared to net income of $45,216,000
($1.69 per diluted share) for the same period in 2012.
First quarter after tax operating income, which excludes after tax net
realized investment gains, increased to $48,953,000 ($1.82 per diluted share),
as compared with $40,685,000 ($1.52 per diluted share) for the same period in
2012. After tax net realized investment gains were $11,018,000 ($0.41 per
diluted share) for the first quarter of 2013 as compared with the net realized
gains of $4,531,000 ($0.17 per diluted share) for the first quarter of 2012.
Sales of life recurring premium are up by 37.3%.Stockholders' Equity as of
March 31, 2012 increased 2.8% from the end of 2012 to $3.9 billion.Total
assets as of March 31, 2013 increased to $23.2 billion, a 0.4% increase from
the end of 2012.Book value per diluted share was $146.40 at March 31, 2013 as
compared to $142.49 per diluted share at December 31, 2012. Total revenues for
the quarter ended March 31, 2013 were slightly more than in 2012, primarily as
a result of a higher level of realized gains on investments.
American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis (Preliminary & Unaudited)*
Revenues $745,045,000 $742,675,000
Operating earnings** $48,953,000 $40,685,000
Net realized investment gains 11,018,000 4,531,000
Net income 59,971,000 45,216,000
Per share earnings:
Operating earnings – Diluted ** $1.82 $1.52
Net realized investment gains
– Diluted 0.41 0.17
Net income – Diluted 2.23 1.69
Weighted average number of shares
upon which computations are
Diluted 26,887,151 26,758,955
Basic 26,763,896 26,565,164
March 31, 2013 December 31, 2012
Book value per diluted share $ 146.40 $142.49
*Results are preliminary and unaudited. American National expects to timely
file its 2013 Form 10-Q in May.
**Operating earnings exclude after-tax realized investment gains and
losses.The sum of Operating earnings (losses) and Net realized investment
gains (losses) is equal to Net income (loss).
American National Insurance Company (American National), headquartered in
Galveston, Texas, was founded in 1905 and is licensed to conduct the business
of insurance in all states except New York. American National has been
evaluated and assigned the following ratings by nationally recognized rating
agencies:A (Excellent) by A.M. Best Company, third highest of 13 active
company ratings noted as "An excellent ability to meet their ongoing insurance
obligations," and A (Strong) by Standard & Poor's, sixth highest of 20 active
company ratings noted as "Strong capacity to meet financial commitments but
somewhat subject to adverse economic conditions."
American National is also a family of companies that has, on a consolidated
GAAP basis, $23.2 billion in assets, $19.3 billion in liabilities and $3.9
billion in stockholders' equity.The American National family of companies
offers a broad line of products and services, which include life insurance,
annuities, health insurance, credit insurance, pension products and property
and casualty insurance for personal lines, agribusiness, and targeted
commercial exposures.The American National family of companies operates in
all 50 states and its major insurance subsidiaries include American National
Life Insurance Company of Texas, American National Life Insurance Company of
New York, American National Property and Casualty Company, Standard Life and
Accident Insurance Company, Farm Family Life Insurance Company, Farm Family
Casualty Insurance Company and United Farm Family Insurance Company.
For more information, including company news and investor relations
information, visit the company's web site at www.anico.com.
CONTACT: John J. Dunn, Jr. (409) 766-6063
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