American National Announces Second Quarter 2016 Results
August 01 2016 - 4:09PM
American National Insurance Company (Nasdaq:ANAT) announced second
quarter 2016 net income of $32.6 million or $1.21 per diluted
share, which included an increase in operating income, compared to
net income of $35.1 million or $1.30 per diluted share for the same
period in 2015. Book value per diluted share increased to
$170.91 at June 30, 2016 from $165.20 at December 31, 2015.
Second quarter after-tax operating income of $28.8 million or
$1.07 per diluted share increased from $25.7 million or $0.95 per
diluted share for the same period in 2015. Second quarter
earnings from operations increased for the life and annuity
segments compared to the same period in 2015. Property and
casualty results were negatively impacted by higher personal auto
claim frequency and severity resulting in a decrease in segment
results. After-tax operating income excludes realized
investment earnings, which is comprised of realized investment
gains, equity in earnings of unconsolidated affiliates and income
(loss) from non-controlling interests. Realized investment
earnings for the second quarter of 2016 were $3.8 million or $0.14
per diluted share compared to $9.3 million or $0.35 per diluted
share for the same period in 2015.
In 2016 the company achieved revenue increases in its life
insurance, annuity and property and casualty segments over the same
period in 2015. Life insurance in force continued to grow
during 2016, increasing by $2.6 billion, to reach $92.8 billion as
of June 30, 2016. At June 30, 2016, stockholders’
equity totaled $4.6 billion, a 3.5% increase from December 31,
2015.
American National Insurance
Company
COMPARATIVE OPERATIONAL HIGHLIGHTSCompiled on a GAAP basis
(Preliminary & Unaudited)*
|
Quarters Ended |
|
|
Six Months Ended |
|
June 30, |
|
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
800,448,000 |
|
|
$ |
717,506,000 |
|
|
|
$ |
1,565,418,000 |
|
|
$ |
1,474,073,000 |
|
After-tax
earnings: |
|
|
|
|
|
|
|
|
Operating
income ** |
$ |
28,800,000 |
|
|
$ |
25,717,000 |
|
|
|
$ |
53,075,000 |
|
|
$ |
65,660,000 |
|
Realized
investment earnings ** |
|
3,825,000 |
|
|
|
9,336,000 |
|
|
|
|
8,866,000 |
|
|
|
72,375,000 |
|
Net income |
$ |
32,625,000 |
|
|
$ |
35,053,000 |
|
|
|
$ |
61,941,000 |
|
|
$ |
138,035,000 |
|
|
|
|
|
|
|
|
|
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Per share
earnings: |
|
|
|
|
|
|
|
|
Operating income
– Diluted ** |
$ |
1.07 |
|
|
$ |
0.95 |
|
|
|
$ |
1.97 |
|
|
$ |
2.43 |
|
Realized
investment earnings |
|
|
|
|
|
|
|
|
– Diluted
** |
|
0.14 |
|
|
|
0.35 |
|
|
|
|
0.33 |
|
|
|
2.69 |
|
Net income –
Diluted |
$ |
1.21 |
|
|
$ |
1.30 |
|
|
|
$ |
2.30 |
|
|
$ |
5.12 |
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares |
|
|
|
|
|
|
|
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upon which
computations are based: |
|
|
|
|
|
|
|
|
Diluted |
|
26,970,597 |
|
|
|
26,952,107 |
|
|
|
|
26,965,702 |
|
|
|
26,941,477 |
|
Basic |
|
26,908,077 |
|
|
|
26,877,833 |
|
|
|
|
26,908,748 |
|
|
|
26,847,936 |
|
|
|
|
|
|
|
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As of |
|
|
|
|
|
June 30, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Book value per diluted
share |
|
$ |
|
170.91 |
|
|
$ |
|
165.20 |
|
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* Results are preliminary and unaudited. American National
expects to timely file its Form 10-Q in August.** Operating income
excludes realized investment earnings, which is comprised of
realized investment gains, equity in earnings of unconsolidated
affiliates, and income (loss) from non-controlling interests,
after-tax. Net income is the sum of operating income and realized
investment earnings.
American National Insurance Company, 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, $24.3 billion in assets, $19.7 billion in
liabilities and $4.6 billion in stockholders’ equity.
American National and its subsidiaries offer 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 American National
companies operate in all 50 states. 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, Garden State Life Insurance 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.AmericanNational.com.
Contact: John J. Dunn, Jr. (409) 766-6063
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