American National Announces Fourth Quarter 2012 Results

The 2011 net income included herein reflects the changes necessary to adopt, on a retrospective basis, ASU 2010-26 regarding deferred acquisition costs. We adopted the new accounting standard in 2012, and the retrospective adoption reduced net income for the year ended December 31, 2011 by $1,483,000 from the amounts previously reported.

American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis ( Preliminary & Unaudited)*
	Quarters Ended December 31,		Years Ended December 31,
		As adjusted**		As adjusted**
	2012	2011	2012	2011
Revenues	$ 753,355,000	$ 776,664,000	$ 2,987,060,000	$ 3,023,027,000
After-tax earnings:
Operating earnings ***	$ 37,904,000	$ 34,748,000	$ 146,706,000	$ 131,702,000
Net realized investment gains	28,229,000	21,599,000	44,335,000	59,063,000
Net income	66,133,000	56,347,000	191,041,000	190,765,000
Per share earnings:
Operating earnings – Diluted ***	$ 1.41	$ 1.30	$ 5.46	$ 4.93
Net realized investment gains
– Diluted	1.05	0.81	1.65	2.21
Net income – Diluted	2.46	2.11	7.11	7.14
Weighted average number of shares upon which computations are based:
Diluted	26,877,852	26,733,424	26,863,674	26,713,218
Basic	26,761,801	26,559,950	26,714,865	26,559,886
		As of
			As Adjusted **
		December 31, 2012	December 31, 2011
Book value per diluted share		$ 142.49	$ 136.16
* Results are preliminary and unaudited. American National expects to timely file its 2012 Form 10-K in March.
** 2011 amounts have been adjusted for the adoption of ASU 2010-26.
*** Operating earnings exclude after-tax realized investment gains and losses. The sum of Operating earnings (losses) and Net realized investment gains (losses) is equal to Net income (loss).

American National Insurance Company (American National), headquartered in Galveston, Texas, was founded in 1905 and is licensed to conduct the business of insurance in all states except New York. American National has been evaluated and assigned the following ratings by nationally recognized rating agencies: A (Excellent) by A.M. Best Company, third highest of 13 active company ratings noted as "An excellent ability to meet their ongoing insurance obligations," and A (Strong) by Standard & Poor's, sixth highest of 20 active company ratings noted as "Strong capacity to meet financial commitments but somewhat subject to adverse economic conditions."

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