American National Announces First Quarter 2019 Results
May 03 2019 - 2:27PM
American National Insurance Company (NASDAQ: ANAT) announced net
income for the first quarter of 2019 of $258.2 million or $9.60 per
diluted share, up from $18.8 million or $0.70 per diluted share for
the same period in 2018. Net income for the first quarter of 2019
included after-tax net gains on equity securities of $163.0 million
or $6.06 per diluted share, as compared to after-tax net losses of
$26.2 million or $0.96 per diluted share in the first quarter of
2018. In addition, net income for the first quarter of 2019
included after-tax realized investment earnings of $35.7 million or
$1.33 per diluted share compared to $0.9 million or $0.03 per
diluted share for the same period in 2018. The increase in realized
investment earnings was primarily due to the sale of certain real
estate holdings in unconsolidated joint ventures during the first
quarter of 2019.
After-tax adjusted operating income for the first quarter of
2019 increased to $59.5 million or $2.21 per diluted share compared
to $44.1 million or $1.63 per diluted share for the first quarter
of 2018. The increase is primarily attributable to increased
operating income from our Property & Casualty and Life
segments.
Additional Highlights Summary:
- Total life insurance in force increased by $1.7 billion or 1.5%
to $112.0 billion since December 31, 2018
- Book value per diluted share as of March 31, 2019 increased to
$207.51, compared to book value per share of $195.32 on December
31, 2018
|
American National Consolidated Financial
Highlights |
(Preliminary & Unaudited in
millions) |
|
|
|
|
|
Quarters Ended March 31, |
|
|
2019 |
|
2018 |
Net income (GAAP
basis) |
|
$ |
258.2 |
|
|
$ |
18.8 |
|
Net
(gains) losses on equity securities |
|
(163.0 |
) |
|
26.2 |
|
Net
realized investment earnings |
|
(35.7 |
) |
|
(0.9 |
) |
Adjusted operating
income(1) (non-GAAP basis)* |
|
$ |
59.5 |
|
|
$ |
44.1 |
|
|
|
|
|
|
Per diluted share |
|
|
|
|
Net income (GAAP
basis) |
|
$ |
9.60 |
|
|
$ |
0.70 |
|
Net
(gains) losses on equity securities |
|
(6.06 |
) |
|
0.96 |
|
Net
realized investment earnings |
|
(1.33 |
) |
|
(0.03 |
) |
Adjusted operating
income(1) (non-GAAP basis)* |
|
$ |
2.21 |
|
|
$ |
1.63 |
|
|
|
|
|
|
Weighted average number
of diluted shares upon which computations are based |
|
26,891,904 |
|
|
26,964,355 |
|
|
|
|
|
|
|
|
As of |
|
|
March 31, 2019 |
|
December 31, 2018 |
Book value per diluted
share |
|
$ |
207.51 |
|
|
$ |
195.32 |
|
|
|
|
|
|
|
|
|
|
* This measure is non-GAAP because it is not based on
accounting principles generally accepted in the United States. This
non-GAAP measure is used by the Company to enhance comparability
between periods and to eliminate the impact of certain excluded
items listed in the footnote below, which can fluctuate in a manner
unrelated to core operations due to factors such as market
volatility, interest rate changes and credit risk. In the opinion
of the Company’s management, inclusion of this non-GAAP measure is
meaningful to provide investors with an understanding of the
significant factors that comprise the Company’s periodic results of
operations and financial condition.
(1) Adjusted operating income excludes the
after-tax impact of net gains (losses) on equity securities and
realized investment earnings. Realized investment earnings are
comprised of realized investment gains (losses), equity in earnings
of unconsolidated affiliates and income from non-controlling
interests.
American National is a family of companies that has, on a
consolidated GAAP basis, $28.0 billion in assets, $22.4 billion in
liabilities and $5.6 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, property and casualty
insurance, health insurance, credit insurance, and pension
products. 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 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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