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TheStreet Open House

American National Announces Fourth Quarter 2012 Results

Stocks in this article: ANAT

GALVESTON, Texas, Feb. 25, 2013 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced fourth quarter 2012 net income of $66,133,000 ($2.46 per diluted share) compared to net income of $56,347,000 ($2.11 per diluted share) for the same period in 2011.

Fourth quarter after tax operating income, which excludes after tax net realized investment gains, increased to $37,904,000 ($1.41 per diluted share), as compared with $34,748,000 ($1.30 per diluted share) for the same period in 2011. After tax net realized investment gains were $28,229,000 ($1.05 per diluted share) for the fourth quarter of 2012 as compared with the net realized gains of $21,599,000 ($0.81 per diluted share) for the fourth quarter of 2011.

Net income for the year ended December 31, 2012 was $191,041,000 ($7.11 per diluted share), an increase from net income of $190,765,000 ($7.14 per diluted share) for the same period in 2011. Improved results for the property and casualty and annuity segments were the primary reason for the increase in net income. The increase was partially offset by a lower level of realized gains on investments.

After tax operating earnings for the year ended December 31, 2012, which exclude after tax net realized investment gains, were $146,706,000 ($5.46 per diluted share) compared to $131,702,000 ($4.93 per diluted share) for 2011. After tax operating earnings improved primarily as a result of increased earnings in the property and casualty and annuity segments. After tax net realized investment gains totaled $44,335,000 ($1.65 per diluted share) in 2012 compared with after tax net realized gains of $59,063,000 ($2.21 per diluted share) in 2011.

Total assets as of December 31, 2012 increased to $23.1 billion, a 2.7% increase from the end of 2011. Stockholders' Equity as of December 31, 2012 increased 5.2% from the end of 2011 to $3.8 billion, which represents the highest in the Company's history. Book value per diluted share was $142.49 at December 31, 2012 as compared to $136.16 per diluted share at December 31, 2011. Total revenues for the year ended December 31, 2012 were slightly less than 2011, primarily as a result of a lower level of realized gains on investment.

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