American National Announces Second Quarter 2010 Results
GALVESTON, Texas, July 26, 2010 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced second quarter 2010 net income of $26,622,000 ($1.00 per diluted share) compared to a net loss of $4,355,000 ($0.16 per diluted share) for the same period in 2009.
Second quarter after tax operating earnings, which exclude net realized investment gains and losses, were $14,763,000 ($0.55 per diluted share), a $13,432,000 increase over the $1,331,000 ($0.05 per diluted share) in earnings for the same period in 2009. The after tax realized investment gains of $11,859,000 ($0.45 per diluted share) for the second quarter of 2010 compare with net realized losses of $5,686,000 ($0.21 per diluted share) for the second quarter of 2009.
Net income for the six months ended June 30, 2010 increased to $61,400,000 ($2.30 per diluted share) from a net loss of $52,050,000 ($1.96 per diluted share) for the first half of 2009.After tax operating earnings for the first six months of 2010, which exclude net realized investment gains and losses, were $38,818,000 ($1.46 per diluted share) compared with $1,386,000 ($0.05 per diluted share) for the same period in 2009. After tax net realized investment gains totaled $22,582,000 ($0.84 per diluted share) for the first six months of 2010 compared with a net realized loss of $53,436,000 ($2.01 per diluted share) for the same period of 2009. The 2009 realized losses were primarily the result of $47,871,000 (after-tax) in other-than-temporary impairments of investments in marketable securities. Revenues for the six months ended June 30, 2010 were up 8.9% from the same period in 2009, which was significantly impacted by other-than-temporary impairments. Investment income increased by over 5%. Total operating earnings for the first half of 2010 improved as a result of increases in the life and annuity segments. Earnings from the property and casualty segment were once again impacted by catastrophe losses. Total catastrophe losses increased by $20.2 million (after tax) in the first six months of 2010 compared with the same period in 2009. Excluding the catastrophe losses, earnings in the property and casualty segment increased due to a significant improvement in the auto loss ratios.
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