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 $142.49 per diluted share at December 31, 2012. Total revenues for the six months ended June 30, 2013 increased compared to the same period in 2012, primarily as a result of a higher level of realized gains on investments.
|American National Insurance Company|
|COMPARATIVE OPERATIONAL HIGHLIGHTS|
|Compiled on a GAAP basis ( Preliminary & Unaudited)*|
|Quarters Ended||Six Months Ended|
|June 30,||June 30,|
|Revenues||$ 773,660,000||$ 730,962,000||$ 1,518,705,000||$ 1,473,637,000|
|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|
|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:|
|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).|
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts