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American National Announces Financial Results For 2013

Stocks in this article: ANAT

GALVESTON, Texas, Feb. 24, 2014 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) reported net income of $268,372,000 or $9.97 per diluted share for the year ended December 31, 2013 compared to $191,041,000 or $7.11 per diluted share for 2012. The increase in net income was driven by improved operating results from the property and casualty and health segments and higher realized investment gains.

After tax operating earnings for the year ended December 31, 2013 (which exclude after tax net realized investment gains) were $190,663,000 or $7.08 per diluted share compared to $146,706,000 or $5.46 per diluted share for 2012. Results for 2013 benefited from lower catastrophe losses and an improved non-catastrophe combined ratio in our property and casualty segment, an increase in investment income and the disposition of certain real estate investments. After tax net realized investment gains totaled $77,709,000 or $2.89 per diluted share in 2013 compared to $44,335,000 or $1.65 per diluted share in 2012.

Recurring life insurance premiums on new issues were up 26.8% over the prior year. Stockholders' Equity as of December 31, 2013 increased 9.5% from the end of 2012 to $4.2 billion, the highest level in the Company's history. Book value per diluted share was $155.70 at December 31, 2013 compared to $142.63 at December 31, 2012. Total revenues for the year ended December 31, 2013 increased by $132,150,000 due to increased net realized investment gains, net investment income and premium in the life and annuity segments.

For the fourth quarter 2013 net income was $67,619,000 or $2.51 per diluted share compared to $66,133,000 or $2.46 per diluted share for 2012. Fourth quarter after tax operating earnings (which excludes after tax net realized investment gains) increased to $57,490,000 or $2.13 per diluted share compared to $37,904,000 or $1.41 per diluted share for the same period in 2012. After tax net realized investment gains were $10,129,000 or $0.38 per diluted share for the fourth quarter of 2013 compared to $28,229,000 or $1.05 per diluted share reported for the same period in 2012.

American National Insurance Company
Compiled on a GAAP basis ( Preliminary & Unaudited)*
  Quarters Ended Years Ended
  December 31, December 31,
  2013 2012 2013 2012
Revenues   $ 815,001,000  $ 753,355,000  $ 3,119,210,000  $ 2,987,060,000
After-tax earnings:        
Operating earnings ***  $ 57,490,000  $ 37,904,000  $ 190,663,000  $ 146,706,000
Net realized investment gains  10,129,000  28,229,000  77,709,000  44,335,000
Net income  67,619,000  66,133,000  268,372,000  191,041,000
Per share earnings:        
Operating earnings – Diluted ***  $ 2.13  $ 1.41  $ 7.08  $ 5.46
Net realized investment gains        
– Diluted  0.38  1.05  2.89  1.65
Net income – Diluted  2.51  2.46  9.97  7.11
Weighted average number of shares upon which computations are based:        
Diluted   26,913,697  26,877,852  26,914,591  26,863,674
Basic  26,785,279  26,761,801  26,791,900  26,714,865
    As of  
    December 31, 2013 December 31, 2012  
Book value per diluted share    $ 155.70  $ 142.63  
* Results are preliminary and unaudited. American National expects to timely file its 2013 Form 10-K in February.
*** 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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