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American National Announces First Quarter 2014 Results

American National Announces First Quarter 2014 Results

GALVESTON, Texas, April 23, 2014 (GLOBE NEWSWIRE) -- American National
Insurance Company (Nasdaq:ANAT) announced first quarter 2014 net income of
$52,878,000 or $1.96 per diluted share compared to net income of $59,971,000
or $2.23 per diluted share for the same period in 2013.

First quarter after-tax operating income was $36,425,000 or $1.35 per diluted
share, as compared with $33,652,000 or $1.25 per diluted share for the same
period in 2013. After-tax operating income excludes Realized Investment
Earnings which is comprised of realized investment gains, equity in earnings
of unconsolidated affiliates and income from non-controlling interests
after-tax. The Realized Investment Earnings for the first quarter of 2014 were
$16,453,000 as compared with $26,319,000 for the same period in 2013. The
decrease in net income is primarily attributable to a non-recurring tax
benefit recognized in the first quarter of 2013.

Total revenues increased to $772.4 million for the quarter ended March 31,
2014, a $27.4 million or 3.7% increase over the first quarter in 2013. Sales
of recurring premium life policies are up by 3.7% for the first quarter of
2014 compared with the same period in 2013. As of March 31, 2014,
Stockholders' Equity totaled $4.3 billion, a 1.6% increase from fiscal year
end 2013. Book value per diluted share increased to $158.17 at March 31, 2014
from $155.70 at December 31, 2013.

American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis (Preliminary & Unaudited)*
                                                           
                                             Quarters Ended March 31,
                                             2014           2013
                                                           
Revenues                                      $772,436,000 $745,045,000
After-tax earnings:                                         
Operating income**                           $36,425,000  $33,652,000
Realized Investment Earnings**               16,453,000    26,319,000
Net income                                    $52,878,000  $59,971,000
                                                           
Per share earnings:                                         
Operating income – Diluted **                 $1.35        $1.25
Realized Investment Earnings – Diluted **     0.61          0.98
Net income – Diluted                          $1.96        $2.23
                                                           
Weighted average number of shares upon which                
computations are based:
Diluted                                       26,925,152    26,887,151
Basic                                         26,792,281    26,763,896
                                                           
                                             As of
                                             March 31, 2014 December 31, 2013
                                                           
Book value per diluted share                  $158.17      $155.70
                                                           

*Results are preliminary and unaudited. American National expects to timely
file its Form 10-Q in May.

**Operating income excludes Realized Investment Earnings. Realized Investment
Earnings is comprised of realized investment gains, equity in earnings of
unconsolidated affiliates, and income from non-controlling interests
after-tax.Net income is the sum of operating income and Realized Investment
Earnings.

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, $23.5 billion in assets, $19.2 billion in liabilities and $4.3
billion in stockholders' equity.The 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 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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