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American National Announces Second Quarter 2013 Results

GALVESTON, Texas, July 22, 2013 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced second quarter 2013 net income of $58,169,000 ($2.16 per diluted share) compared to net income of $20,506,000 ($0.76 per diluted share) for the same period in 2012. Improved property and casualty segment results and higher realized investment gains were the primary reasons for the increase in net income.

Second quarter after tax operating income, which excludes after tax net realized investment gains, increased to $29,871,000 ($1.11 per diluted share), as compared with $17,335,000 ($0.64 per diluted share) for the same period in 2012. After tax net realized investment gains were $28,298,000 ($1.05 per diluted share) for the second quarter of 2013 as compared with the net realized gains of $3,171,000 ($0.12 per diluted share) for the second quarter of 2012.

Net income for the six months ended June 30, 2013 was $118,140,000 ($4.39 per diluted share), an increase from net income of $65,722,000 ($2.45 per diluted share), for the same period in 2012.

After-tax operating earnings for the first six months of 2013, which exclude after tax net realized investment gains, were $78,823,000 ($2.93 per diluted share) compared to $58,020,000 ($2.16 per diluted share) for the same period in 2012. Operations for the period benefited from investment income relating to prepayment of mortgage loan investments and the disposition of certain investment real estate. After tax net realized investment gains totaled $39,317,000 ($1.46 per diluted share) for the first six months of 2013 compared with after tax net realized gains of $7,702,000 ($0.29 per diluted share) for the same period in 2012.

Life insurance from recurring premium products issued is up 39.3% over the prior year. Stockholders' Equity as of June 30, 2013 increased 2.4% from the end of 2012 to $3.9 billion. Book value per diluted share was $145.74 at June 30, 2013 as compared to $142.49 per diluted share at December 31, 2012. Total revenues for the six months ended June 30, 2013 increased compared to the same period 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)*
         
  Quarters Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
         
Revenues   $ 773,660,000  $ 730,962,000  $ 1,518,705,000  $ 1,473,637,000
After-tax earnings:        
Operating earnings **  $ 29,871,000  $ 17,335,000  $ 78,823,000  $ 58,020,000
Net realized investment gains  28,298,000  3,171,000  39,317,000  7,702,000
Net income  58,169,000  20,506,000  118,140,000  65,722,000
         
Per share earnings:        
Operating earnings – Diluted **  $ 1.11  $ 0.64  $ 2.93  $ 2.16
Net realized investment gains – Diluted  1.05  0.12  1.46  0.29
Net income – Diluted  2.16  0.76  4.39  2.45
         
Weighted average number of shares upon which computations are based:        
Diluted   26,901,347  26,854,595  26,894,798  26,848,258
Basic  26,779,969  26,685,128  26,777,029  26,675,405
         
         
    As of  
    June 30, 2013 December 31, 2013  
         
Book value per diluted share   $145.74 $142.49  
         
* Results are preliminary and unaudited. American National expects to timely file its second quarter 2013 Form 10-Q.
** 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 assigned an 'A' rating by A.M. Best Company and an 'A' rating by Standard & Poor's, both of which are nationally recognized rating agencies.

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