American National Announces Financial Results for 2013
GALVESTON, Texas, Feb. 24, 2014 (GLOBE NEWSWIRE) -- American National
Insurance Company (Nasdaq:ANAT) reported net income of $268,372,000 or $9.97
per diluted share for the year ended December 31, 2013 compared to
$191,041,000 or $7.11 per diluted share for 2012. The increase in net income
was driven by improved operating results from the property and casualty and
health segments and higher realized investment gains.
After tax operating earnings for the year ended December 31, 2013 (which
exclude after tax net realized investment gains) were $190,663,000 or $7.08
per diluted share compared to $146,706,000 or $5.46 per diluted share for
2012. Results for 2013 benefited from lower catastrophe losses and an improved
non-catastrophe combined ratio in our property and casualty segment, an
increase in investment income and the disposition of certain real estate
investments. After tax net realized investment gains totaled $77,709,000 or
$2.89 per diluted share in 2013 compared to $44,335,000 or $1.65 per diluted
share in 2012.
Recurring life insurance premiums on new issues were up 26.8% over the prior
year. Stockholders' Equity as of December 31, 2013 increased 9.5% from the end
of 2012 to $4.2 billion, the highest level in the Company's history. Book
value per diluted share was $155.70 at December 31, 2013 compared to $142.63
at December 31, 2012. Total revenues for the year ended December 31, 2013
increased by $132,150,000 due to increased net realized investment gains, net
investment income and premium in the life and annuity segments.
For the fourth quarter 2013 net income was $67,619,000 or $2.51 per diluted
share compared to $66,133,000 or $2.46 per diluted share for 2012. Fourth
quarter after tax operating earnings (which excludes after tax net realized
investment gains) increased to $57,490,000 or $2.13 per diluted share compared
to $37,904,000 or $1.41 per diluted share for the same period in 2012. After
tax net realized investment gains were $10,129,000 or $0.38 per diluted share
for the fourth quarter of 2013 compared to $28,229,000 or $1.05 per diluted
share reported for the same period in 2012.
American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis (Preliminary & Unaudited)*
Quarters Ended Years Ended
December 31, December 31,
2013 2012 2013 2012
Revenues $815,001,000 $753,355,000 $3,119,210,000 $2,987,060,000
Operating $57,490,000 $37,904,000 $190,663,000 $146,706,000
investment 10,129,000 28,229,000 77,709,000 44,335,000
Net income 67,619,000 66,133,000 268,372,000 191,041,000
earnings – $2.13 $1.41 $7.08 $5.46
– Diluted 0.38 1.05 2.89 1.65
Net income – 2.51 2.46 9.97 7.11
Diluted 26,913,697 26,877,852 26,914,591 26,863,674
Basic 26,785,279 26,761,801 26,791,900 26,714,865
December 31, December 31,
per diluted $155.70 $142.63
*Results are preliminary and unaudited. American National expects to timely
file its 2013 Form 10-K in February.
***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
assigned an 'A' rating by A.M. Best Company and an 'A' rating by Standard &
Poor's, both of which are nationally recognized rating agencies.
American National is also a family of companies that has, on a consolidated
GAAP basis, $23.3 billion in assets, $19.1 billion in liabilities and $4.2
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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