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American National Announces Third Quarter 2012 Results

Stocks in this article: ANAT

GALVESTON, Texas, Oct. 22, 2012 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced third quarter 2012 net income of $59,186,000 ($2.20 per diluted share) compared to net income of $57,650,000 ($2.16 per diluted share) for the same period in 2011.

Third quarter after tax operating income, which excludes after tax net realized investment gains, increased to $50,782,000 ($1.89 per diluted share), as compared with $49,408,000 ($1.85 per diluted share) for the same period in 2011. After tax net realized investment gains were $8,404,000 ($0.31 per diluted share) for the third quarter of 2012 as compared with the net realized gains of $8,242,000 ($0.31 per diluted share) for the third quarter of 2011.

Net income for the nine months ended September 30, 2012 was $124,908,000 ($4.65 per diluted share), a decrease from net income of $134,418,000 ($5.03 per diluted share) for the same period in 2011. A lower level of realized gains on investments was the primary reason for the reduction in net income. The decrease was partially offset by improved property and casualty and annuity segment results.

After tax operating earnings for the first nine months of 2012, which exclude after tax net realized investment gains and losses, were $108,802,000 ($4.05 per diluted share) compared to $96,954,000 ($3.63 per diluted share) for the same period in 2011. After tax operating earnings improved as a result of increased earnings in the property and casualty and annuity segments. After tax net realized investment gains totaled $16,106,000 ($0.60 per diluted share) for the first nine months of 2012 compared with net realized investment gains of $37,464,000 ($1.40 per diluted share) for the same period in 2011.

Total assets as of September 30, 2012 increased to $23.0 billion, a 2.5% increase from the end of 2011. Stockholders' Equity as of September 30, 2012 increased to $3.8 billion, up 5.1% from the end of 2011. Book value per diluted share was $142.44 at September 30, 2012 as compared to $136.16 per diluted share at December 31, 2011. Total revenues for the nine months ended September 30, 2012 were slightly less than 2011, primarily as a result of a decrease in realized investment gains.

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