American National Announces Second Quarter Results
July 31 2017 - 4:16PM
American National Insurance Company (Nasdaq:ANAT) announced higher
second quarter 2017 net income of $35.9 million or $1.33 per
diluted share, a 10.2% increase over the same period 2016 net
income of $32.6 million or $1.21 per diluted share. Book value per
diluted share increased to $177.67 at June 30, 2017 from $172.51 at
December 31, 2016.
Second quarter after-tax operating income was $21.2 million or
$0.79 per diluted share compared to the same period 2016 operating
income of $28.8 million or $1.07 per diluted share. Included in
operating income for the second quarter of 2017 was an after-tax
pension settlement expense of $4.7 million relating to the
completion of a one-time retirement benefit withdrawal window for
the frozen defined benefit pension plans. Life earnings were
impacted by increased claims, which are consistent with normal
statistical fluctuations. Property and casualty results reflected
the increased occurrence of industry-wide catastrophe events,
notably severe wind and hail.
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 second
quarter 2017 were higher than the prior year at $14.7 million or
$0.54 per diluted share compared to $3.8 million or $0.14 per
diluted share for the same period in 2016.
Net income for the six months ended June 30, 2017 was $75.8
million, an increase of 22% from the same period of 2016, primarily
due to higher total investment return. Life insurance in force
continued to grow, increasing by $3.5 billion, to reach $99.1
billion as of June 30, 2017. Stockholders’ equity totaled $4.8
billion at June 30, 2017, a 3.0% increase from December 31,
2016.
Second Quarter 2017 Highlights:
- Net income at $35.9 million, a $3.3 million increase over
prior-year quarter
- Stockholders’ equity increased 3.0% from December 31, 2016
- Book value per diluted share at quarter-end was $177.67, an
increase of $5.16 from December 31, 2016
- Total premiums and other revenues, at $834.1 million, increased
$33.6 million compared to June 30, 2016
- Total life insurance in force reached $99.1 billion
|
American
National Insurance Company |
COMPARATIVE OPERATIONAL HIGHLIGHTS |
Compiled
on a GAAP basis (Preliminary &
Unaudited)* |
|
|
Quarters Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Revenues |
$ |
834,093,000 |
|
$ |
800,448,000 |
|
$ |
1,613,890,000 |
|
$ |
1,565,418,000 |
After-tax
earnings: |
|
|
|
|
|
|
|
Operating
income ** |
$ |
21,240,000 |
|
$ |
28,800,000 |
|
$ |
49,560,000 |
|
$ |
53,075,000 |
Realized
investment earnings ** |
|
14,719,000 |
|
|
3,825,000 |
|
|
26,239,000 |
|
|
8,866,000 |
Net
income |
$ |
35,959,000 |
|
$ |
32,625,000 |
|
$ |
75,799,000 |
|
$ |
61,941,000 |
|
|
|
|
|
|
|
|
Per diluted share
earnings: |
|
|
|
|
|
|
|
Operating
income ** |
$ |
0.79 |
|
$ |
1.07 |
|
$ |
1.84 |
|
$ |
1.97 |
Realized
investment earnings ** |
|
0.54 |
|
|
0.14 |
|
|
0.97 |
|
|
0.33 |
Net
income |
$ |
1.33 |
|
$ |
1.21 |
|
$ |
2.81 |
|
$ |
2.30 |
|
|
|
|
|
|
|
|
Weighted average number
of diluted shares |
|
|
|
|
|
|
|
upon
which computations are based |
|
26,955,881 |
|
|
26,970,597 |
|
|
26,966,175 |
|
|
26,965,702 |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Book value per diluted
share |
|
|
$ |
177.67 |
|
$ |
172.51 |
|
|
* 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, $25.4 billion in assets, $20.6 billion in
liabilities and $4.8 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
American National (NASDAQ:ANAT)
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