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American National Announces Fourth Quarter 2010 Results

Stocks in this article: ANAT

GALVESTON, Texas, Feb. 22, 2011 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced fourth quarter 2010 net income of $35,570,000 ($1.33 per diluted share) compared to net income of $34,975,000 ($1.31 per diluted share) for the same period in 2009.

Fourth quarter after tax operating earnings, which exclude net realized investment gains and losses, were $21,952,000 ($0.82 per diluted share), as compared with $30,134,000 ($1.13 per diluted share) for the same period in 2009. Operating earnings for the fourth quarter were impacted by approximately $7 million of property and casualty losses primarily due to an unusual hail storm in Arizona. After tax net realized investment gains were $13,618,000 ($0.51 per diluted share) for the fourth quarter of 2010 as compared with the net realized gains of $4,841,000 ($0.18 per diluted share) for the fourth quarter of 2009. 

Net income for the year ended December 31, 2010 was $144,026,000 ($5.40 per diluted share) compared to net income of $15,625,000 ($0.59 per diluted share) for the year ended December 31, 2009. The increase in net income was due to improved operating income in the life, annuity and health segments, as well as a significant decrease in other-than-temporary impairments of investments in marketable securities.

After tax operating earnings for 2010, which exclude net realized investment gains and losses, were $95,985,000 ($3.60 per diluted share) compared with $64,828,000 ($2.44 per diluted share) for 2009. After tax net realized investment gains totaled $48,041,000 ($1.80 per diluted share) for 2010 compared with a net realized loss of $49,203,000 ($1.85 per diluted share) for 2009. The 2009 realized losses were primarily the result of $51,417,000 (after tax) in other-than-temporary impairments of investments in marketable securities.

Revenues for the year ended December 31, 2010 were up 4.4% from 2009, which was significantly impacted by other-than-temporary impairments. Investment income increased by 8.6% in 2010 compared to 2009.

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