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, | ||
| 2014 | 2013 | |
| Revenues | $ 772,436,000 | $ 745,045,000 |
| After-tax earnings: | ||
| Operating income ** | $ 36,425,000 | $ 33,652,000 |
| Realized Investment Earnings ** | 16,453,000 | 26,319,000 |
| Net income | $ 52,878,000 | $ 59,971,000 |
| Per share earnings: | ||
| Operating income – Diluted ** | $ 1.35 | $ 1.25 |
| Realized Investment Earnings – Diluted ** | 0.61 | 0.98 |
| Net income – Diluted | $ 1.96 | $ 2.23 |
| Weighted average number of shares upon which computations are based: | ||
| Diluted | 26,925,152 | 26,887,151 |
| Basic | 26,792,281 | 26,763,896 |
| As of | ||
| March 31, 2014 | December 31, 2013 | |
| Book value per diluted share | $ 158.17 | $ 155.70 |
* Results are preliminary and unaudited. American National expects to timely file its Form 10-Q in May.
** Operating income excludes Realized Investment Earnings. Realized Investment Earnings is comprised of realized investment gains, equity in earnings of unconsolidated affiliates, and income from non-controlling interests after-tax. Net income is the sum of operating income and Realized Investment Earnings.
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.
American National is also a family of companies that has, on a consolidated GAAP basis, $23.5 billion in assets, $19.2 billion in liabilities and $4.3 billion in stockholders' equity. The family of companies offers a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures. The family of companies operates in all 50 states and its major insurance subsidiaries include American National Life Insurance Company of Texas, American National Life Insurance Company of New York, American National Property and Casualty Company, Standard Life and Accident Insurance Company, Farm Family Life Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company.
For more information, including company news and investor relations information, visit the company's web site at www.anico.com.