American National Announces Third Quarter 2010 Results
GALVESTON, Texas, Oct. 25, 2010 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced third quarter 2010 net income of $47,056,000 ($1.76 per diluted share) compared to a net gain of $32,700,000 ($1.23 per diluted share) for the same period in 2009.
Third quarter after tax operating earnings, which exclude net realized investment gains and losses, were $35,215,000 ($1.32 per diluted share), a $1,907,000 increase over the $33,308,000 ($1.24 per diluted share) in earnings for the same period in 2009. The after tax net realized investment gains of $11,841,000 ($0.44 per diluted share) for the third quarter of 2010 were a significant improvement compared with the net realized losses of $608,000 ($0.01 per diluted share) for the third quarter of 2009.
Net income for the nine months ended September 30, 2010 was $108,456,000 ($4.07 per diluted share) compared to a net loss of $19,350,000 ($0.73 per diluted share) for the first three quarters of 2009.After tax operating earnings for the first nine months of 2010, which exclude net realized investment gains and losses, were $74,033,000 ($2.78 per diluted share) compared with $34,694,000 ($1.31 per diluted share) for the same period in 2009. After tax net realized investment gains totaled $34,423,000 ($1.29 per diluted share) for the first nine months of 2010 compared with a net realized loss of $54,044,000 ($2.04 per diluted share) for the same period of 2009. The 2009 realized losses were primarily the result of $50,593,000 (after tax) in other-than-temporary impairments of investments in marketable securities. Revenues for the nine months ended September 30, 2010 were up 6.1% from the same period in 2009, which was significantly impacted by other-than-temporary impairments. Investment income increased by over 6% for the nine month period as compared to the same period of the prior year. Operating earnings for the first nine months of 2010 improved as a result of increases in the life and annuity segments. Earnings from the property and casualty segment increased for the third quarter compared to last year's third quarter, but were down slightly for the nine month period due to excess catastrophe losses in the first half of the year. Excluding the catastrophe losses, earnings in the property and casualty segment increased for the nine month period due to a significant improvement in the auto loss ratios.
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