The 2011 net income included herein reflects the changes necessary to adopt, on a retrospective basis, ASU 2010-26 regarding deferred acquisition costs. We adopted the new accounting standard in 2012, and the retrospective adoption reduced net income for the year ended December 31, 2011 by $1,483,000 from the amounts previously reported.

         
American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis ( Preliminary & Unaudited)*
  Quarters Ended December 31, Years Ended December 31,
    As adjusted**   As adjusted**
  2012 2011 2012 2011
         
Revenues   $ 753,355,000  $ 776,664,000  $ 2,987,060,000  $ 3,023,027,000
After-tax earnings:        
 Operating earnings ***  $ 37,904,000  $ 34,748,000  $ 146,706,000  $ 131,702,000
 Net realized investment gains  28,229,000  21,599,000  44,335,000  59,063,000
 Net income  66,133,000  56,347,000  191,041,000  190,765,000
         
Per share earnings:        
 Operating earnings – Diluted ***  $ 1.41  $ 1.30  $ 5.46  $ 4.93
 Net realized investment gains        
 – Diluted  1.05  0.81  1.65  2.21
 Net income – Diluted  2.46  2.11  7.11  7.14
         
 Weighted average number of shares upon which computations are based:        
 Diluted   26,877,852  26,733,424  26,863,674  26,713,218
 Basic  26,761,801  26,559,950  26,714,865  26,559,886
         
         
    As of  
      As Adjusted **   
    December 31, 2012 December 31, 2011  
         
Book value per diluted share    $ 142.49  $ 136.16  
         
* Results are preliminary and unaudited. American National expects to timely file its 2012 Form 10-K in March.
** 2011 amounts have been adjusted for the adoption of ASU 2010-26.
*** 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 evaluated and assigned the following ratings by nationally recognized rating agencies: A (Excellent) by A.M. Best Company, third highest of 13 active company ratings noted as "An excellent ability to meet their ongoing insurance obligations," and A (Strong) by Standard & Poor's, sixth highest of 20 active company ratings noted as "Strong capacity to meet financial commitments but somewhat subject to adverse economic conditions."

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