GALVESTON, Texas, April 23, 2013 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced first quarter 2013 net income of $59,971,000 ($2.23 per diluted share) compared to net income of $45,216,000 ($1.69 per diluted share) for the same period in 2012.
First quarter after tax operating income, which excludes after tax net realized investment gains, increased to $48,953,000 ($1.82 per diluted share), as compared with $40,685,000 ($1.52 per diluted share) for the same period in 2012. After tax net realized investment gains were $11,018,000 ($0.41 per diluted share) for the first quarter of 2013 as compared with the net realized gains of $4,531,000 ($0.17 per diluted share) for the first quarter of 2012.
Sales of life recurring premium are up by 37.3%. Stockholders' Equity as of March 31, 2012 increased 2.8% from the end of 2012 to $3.9 billion. Total assets as of March 31, 2013 increased to $23.2 billion, a 0.4% increase from the end of 2012. Book value per diluted share was $146.40 at March 31, 2013 as compared to $142.49 per diluted share at December 31, 2012. Total revenues for the quarter ended March 31, 2013 were slightly more than in 2012, primarily as a result of a higher level of realized gains on investments.
|American National Insurance Company|
|COMPARATIVE OPERATIONAL HIGHLIGHTS|
|Compiled on a GAAP basis ( Preliminary & Unaudited)*|
|Revenues||$ 745,045,000||$ 742,675,000|
|Operating earnings **||$ 48,953,000||$ 40,685,000|
|Net realized investment gains||11,018,000||4,531,000|
|Per share earnings:|
|Operating earnings – Diluted **||$ 1.82||$ 1.52|
|Net realized investment gains|
|Net income – Diluted||2.23||1.69|
|Weighted average number of shares|
|upon which computations are based:|
|March 31, 2013||December 31, 2012|
|Book value per diluted share||$ 146.40||$ 142.49|
|* Results are preliminary and unaudited. American National expects to timely file its 2013 Form 10-Q in May.|
|** 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).|