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GALVESTON, Texas, April 23, 2014 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced first quarter 2014 net income of $52,878,000 or $1.96 per diluted share compared to net income of $59,971,000 or $2.23 per diluted share for the same period in 2013.
First quarter after-tax operating income was $36,425,000 or $1.35 per diluted share, as compared with $33,652,000 or $1.25 per diluted share for the same period in 2013. After-tax operating income excludes Realized Investment Earnings which is comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income from non-controlling interests after-tax. The Realized Investment Earnings for the first quarter of 2014 were $16,453,000 as compared with $26,319,000 for the same period in 2013. The decrease in net income is primarily attributable to a non-recurring tax benefit recognized in the first quarter of 2013.
Total revenues increased to $772.4 million for the quarter ended March 31, 2014, a $27.4 million or 3.7% increase over the first quarter in 2013. Sales of recurring premium life policies are up by 3.7% for the first quarter of 2014 compared with the same period in 2013. As of March 31, 2014, Stockholders' Equity totaled $4.3 billion, a 1.6% increase from fiscal year end 2013. Book value per diluted share increased to $158.17 at March 31, 2014 from $155.70 at December 31, 2013.
American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis ( Preliminary & Unaudited)*
Quarters Ended March 31,
Operating income **
Realized Investment Earnings **
Per share earnings:
Operating income – Diluted **
Realized Investment Earnings – Diluted **
Net income – Diluted
Weighted average number of shares upon which computations are based:
March 31, 2014
December 31, 2013
Book value per diluted share
* Results are preliminary and unaudited. American National expects to timely file its Form 10-Q in May.