American National Announces Third Quarter Results
October 30 2017 - 5:14PM
American National Insurance Company (Nasdaq:ANAT) announced a 23.6%
increase in third quarter net income to $73.3 million or $2.72 per
diluted share, from net income for the same period of 2016 of $59.3
million or $2.20 per diluted share. Book value per diluted share
increased to $180.79 at September 30, 2017, a 4.8% increase from
$172.51 at December 31, 2016.
Third quarter after-tax operating income, which excludes
realized investment earnings, increased to $42.3 million or $1.57
per diluted share compared to $27.3 million or $1.01 per diluted
share for the same period of 2016. Third quarter earnings increased
in all insurance segments compared to the same period in 2016. Life
earnings improved due to increased premiums and lower policyholder
benefit payments. Operating earnings from our property and casualty
insurance segment increased, despite significant catastrophic
weather activity during the quarter, as a result of increased
premiums and improved performance of our personal and commercial
lines of business.
After-tax realized investment earnings for the third quarter of
2017 were comparable with the prior year at $31.0 million or $1.15
per diluted share compared to $31.9 million or $1.19 per diluted
share for the same period in 2016. Realized investment earnings are
comprised of realized investment gains, equity in earnings of
unconsolidated affiliates and income from non-controlling
interests.
Net income for the nine months ended September 30, 2017 was
$149.1 million, an increase of 23.0% from the same period of 2016,
due to higher operating income, including investment income on a
larger asset base, and higher realized investment earnings. Life
insurance in force continued to grow, surpassing the $100 billion
milestone. Stockholders’ equity totaled $4.9 billion at September
30, 2017, a 4.8% increase from December 31, 2016.
Third Quarter 2017 Highlights:
- Net income at $73.3 million, a $14.0 million increase over
prior-year quarter
- Stockholders’ equity increased $222.0 million from December 31,
2016
- Book value per diluted share at quarter-end was $180.79, an
increase of $8.28 from December 31, 2016
- Total premiums and other revenues, at $872.8 million, increased
$49.6 million over prior-year quarter
- Total life insurance in force reached $101.0 billion at
September 30, 2017
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American
National Insurance CompanyCOMPARATIVE OPERATIONAL
HIGHLIGHTSCompiled on a GAAP basis (Preliminary &
Unaudited)* |
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Quarters Ended September 30, |
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Nine Months Ended September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Revenues |
$ |
872,750,000 |
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$ |
823,142,000 |
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$ |
2,486,640,000 |
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$ |
2,388,560,000 |
After-tax
earnings: |
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Operating
income ** |
$ |
42,263,000 |
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$ |
27,344,000 |
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$ |
91,822,000 |
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$ |
80,419,000 |
Realized
investment earnings ** |
|
31,006,000 |
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31,945,000 |
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|
57,246,000 |
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|
40,811,000 |
Net
income |
$ |
73,269,000 |
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$ |
59,289,000 |
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$ |
149,068,000 |
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$ |
121,230,000 |
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Per diluted share
earnings: |
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Operating
income ** |
$ |
1.57 |
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$ |
1.01 |
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$ |
3.41 |
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$ |
2.98 |
Realized
investment earnings ** |
|
1.15 |
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|
1.19 |
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|
2.12 |
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|
1.52 |
Net
income |
$ |
2.72 |
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$ |
2.20 |
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$ |
5.53 |
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$ |
4.50 |
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Weighted average number
of diluted shares upon which computations are based |
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26,958,664 |
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26,967,331 |
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26,959,227 |
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26,966,387 |
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As of |
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September 30, 2017 |
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December 31, 2016 |
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Book value per diluted
share |
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$ |
180.79 |
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$ |
172.51 |
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*
Results are preliminary and unaudited. American National
expects to timely file its Form 10-Q in November. |
**
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. Net income is the sum of operating income and
realized investment earnings. |
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American National is a family of companies that has, on a
consolidated GAAP basis, $25.9 billion in assets, $21.0 billion in
liabilities and $4.9 billion in stockholders’ equity. American
National, founded in 1905 and headquartered in Galveston, Texas,
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.
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.
American National Insurance Company, the parent company, 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, and is licensed to conduct the business of
insurance in all states except New York.
For more information, including company news and investor
relations information, visit the company’s web site at
www.AmericanNational.com.
Contact: Timothy A. Walsh (409) 766-6553
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