This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

American National Announces Fourth Quarter 2009 Results

GALVESTON, Texas, Feb. 19 /PRNewswire-FirstCall/ -- American National Insurance Company (Nasdaq: ANAT) announced fourth quarter 2009 net income of $34,975,000 ( $1.31 per diluted share) compared to a net loss of $65,055,000 ( $2.46 per diluted share) for the same period in 2008.  The 2008 loss was primarily the result of other-than-temporary impairments of security investments as well as catastrophe losses in the property and casualty business.

After tax operating earnings for the fourth quarter were $30,134,000 ( $1.13 per diluted share) compared with $44,019,000 ( $1.66 per diluted share) for the same period in 2008.  After tax operating earnings exclude after tax net realized investment gains and losses, which totaled a net realized gain of $4,841,000 ( $0.18 per diluted share) for the fourth quarter of 2009 compared with a net realized loss of $109,074,000 ( $4.12 per diluted share) for the fourth quarter of 2008.  The 2008 realized loss was primarily the result of $90,877,000 (after-tax) of other-than-temporary impairments.

Net income for the year ended December 31, 2009 totaled $15,625,000 ( $0.59 per diluted share) compared to a net loss of $153,998,000 ( $5.82 per diluted share) for the year ended December 31, 2008.  

After tax operating earnings for 2009 totaled $64,828,000 ( $2.44 per diluted share) compared to $92,813,000 ( $3.50 per diluted share) for 2008. After tax operating earnings exclude after tax net realized investment gains and losses, which totaled a net realized loss of $49,203,000 ( $1.85 per diluted share) for 2009 compared to a net realized loss of $246,811,000 ( $9.32 per diluted share) in 2008.

Revenues for both the three months and twelve months ending December 31, 2009, were up significantly over the same periods in 2008 due to the impact of the other-than-temporary impairments on the 2008 amounts.

Overall annual after tax operating earnings for 2009 were down $28.0 million from 2008, the result of lower after tax operating earnings from non-insurance lines, primarily in our real estate investment subsidiaries.  The after tax operating earnings from insurance operations increased $20.0 million due to stronger earnings from the life and annuity lines and improved results in the property and casualty lines.  The Property and Casualty segment returned an after-tax gain of $12.5 million in the fourth quarter of 2009 compared to an after-tax loss of $6.5 million in the fourth quarter of 2008.

Total assets as of December 31, 2009 grew to $20.2 billion, a 9.6% increase from the end of 2008.  Stockholders' Equity as of December 31, 2009 was $3.5 billion, up 10.4% from the end of 2008.  The improvement in the financial markets was the primary reason for the increase in equity.  Book value per basic share was $130.29 at December 31, 2009 as compared to $118.35 per share at December 31, 2008.  

Sales of deferred fixed annuities remained strong during 2009.  This is reflected in policy deposits received, which for 2009 were $2.3 billion, a 13.6% increase over 2008.

    
    
    American National Insurance Company
    COMPARATIVE OPERATIONAL HIGHLIGHTS
    Compiled on a GAAP basis (Preliminary & Unaudited)*
    
                            Quarter Ended            Twelve Months Ended
                             December 31,                 December 31,
                         2009           2008          2009          2008
                         ----           ----          ----          ----
    Revenues         $789,645,000  $540,906,000 $2,949,779,000 $2,518,641,000 
    After-tax 
     earnings 
     losses):
      Operating 
       earnings 
       (losses) **    $30,134,000   $44,019,000    $64,828,000    $92,813,000
      Net realized 
       investment 
       gains (losses)  $4,841,000 $(109,074,000)  $(49,203,000) $(246,811,000)
      Net income 
       (loss)         $34,975,000  $(65,055,000)   $15,625,000  $(153,998,000)
    
    Per share earnings 
     (losses):
      Operating 
       earnings 
       – Diluted **         $1.13         $1.66          $2.44          $3.50
      Net realized 
       investment 
       gains 
       (losses)
       – Diluted            $0.18        $(4.12)        $(1.85)        $(9.32)
      Net income (loss)  
       – Diluted            $1.31        $(2.46)         $0.59         $(5.82)
    
    Diluted number 
     of shares
     upon which 
     computations 
     are based:        26,597,476    26,479,832     26,597,476     26,479,832
    
                                                As of
                                    ------------------------------
                                    December 31,      December 31,
                                        2009            2008
                                    -------------   -------------
    
    Book value per basic share          $130.29        $118.35
    
    *   Results are preliminary and unaudited.  American National expects to 
        timely file its annual Form 10-K in March.
    **  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 is headquartered in Galveston, Texas.  American National has over $20.1 billion in assets and is rated A (Excellent) by A.M. Best Company, and AA- (Very Strong) by Standard & Poor's. 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.  American National's major insurance subsidiaries include American National Life Insurance Company of Texas, Standard Life and Accident Insurance Company, Garden State Life Insurance Company, American National Property and Casualty 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 .

The statements contained in this release that are not historical statements, including statements regarding future performance, plans and projections, are forward-looking statements based on management's current expectations.  Such forward-looking statements are made under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  These statements involve certain risks and uncertainties detailed in the Company's financial statements and in the Company's Form 10 registration statement filed with the Securities and Exchange Commission.  Actual results may differ materially from these statements due to changes in business, regulatory, competitive, market, economic, and political factors that are beyond our control.  We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

SOURCE American National Insurance Company

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ANAT $105.56 0.57%
AAPL $126.84 0.34%
FB $80.01 -1.50%
GOOG $567.61 -1.30%
TSLA $194.26 -3.20%

Markets

DOW 17,856.78 -278.94 -1.54%
S&P 500 2,071.26 -29.78 -1.42%
NASDAQ 4,927.37 -55.4390 -1.11%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs