American National Announces First Quarter Results
April 24 2017 - 3:41PM
American National Insurance Company (Nasdaq:ANAT) announced
stronger first quarter 2017 net income of $39.8 million or $1.48
per diluted share, a 35.9% increase over the same period 2016 net
income of $29.3 million or $1.09 per diluted share. Book value per
diluted share increased to $175.34 at March 31, 2017 from $172.51
at December 31, 2016.
First quarter after-tax operating income of $28.3 million
increased $4.0 million over the same period 2016 operating income
of $24.3 million, which included a non-recurring federal income tax
benefit of $10.1 million. First quarter earnings were $1.05 per
diluted share in 2017 compared to $0.90 per diluted share in 2016.
First quarter earnings increased for the life and annuity segments
compared to the same period in 2016. Property and casualty results
were negatively impacted by increased catastrophe losses,
particularly those associated with severe storms occurring in
March, which impacted the homeowner and agribusiness lines.
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. Realized investment earnings for first
quarter 2017 were $11.5 million or $0.43 per diluted share compared
to $5.0 million or $0.19 per diluted share in 2016.
Life insurance in force continued to grow, increasing by $1.4
billion, to reach $97.0 billion as of March 31, 2017. At March 31,
2017, stockholders’ equity totaled $4.7 billion, a 1.7% increase
from December 31, 2016.
First Quarter 2017 Highlights:
- Net income at $39.8 million, a $10.5 million increase over
year-ago quarter
- Stockholders’ equity increased 1.7% from December 31, 2016
- Book value per diluted share at quarter-end was $175.34, an
increase of $2.83 from December 31, 2016
- Total premiums and other revenues, at $779.8 million, increased
$14.8 million compared to March 31, 2016
- Total life insurance in force increased from $95.6 billion at
year-end to $97.0 billion
American National Insurance
Company
COMPARATIVE OPERATIONAL HIGHLIGHTSCompiled on a GAAP basis
(Preliminary & Unaudited)*
|
|
|
Quarters Ended March 31, |
|
|
2017 |
|
|
2016 |
|
|
|
|
Revenues |
$ |
779,797,000 |
|
$ |
764,970,000 |
After-tax
earnings: |
|
|
|
Operating
income ** |
$ |
28,320,000 |
|
$ |
24,275,000 |
Realized
investment earnings ** |
|
11,520,000 |
|
|
5,041,000 |
Net income |
$ |
39,840,000 |
|
$ |
29,316,000 |
|
|
|
|
Per diluted share
earnings: |
|
|
|
Operating income
** |
$ |
1.05 |
|
$ |
0.90 |
Realized
investment earnings ** |
|
0.43 |
|
|
0.19 |
Net income |
$ |
1.48 |
|
$ |
1.09 |
|
|
|
|
Weighted average number
of diluted shares |
|
|
|
upon which
computations are based |
|
26,972,128 |
|
|
26,965,967 |
|
|
|
|
|
As of |
|
March 31, 2017 |
|
December 31, 2016 |
|
|
|
|
Book value per diluted
share |
$ |
175.34 |
|
$ |
172.51 |
* Results are preliminary and
unaudited. American National expects to timely file its Form 10-Q
in May.** 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, $24.8 billion in assets, $20.1 billion in
liabilities and $4.7 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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