American National Announces Second Quarter 2019 Results
August 01 2019 - 2:53PM
American National Insurance Company (NASDAQ: ANAT) announced net
income for the second quarter of 2019 of $98.8 million or $3.67 per
diluted share, up from $84.1 million or $3.12 per diluted share for
the same period in 2018. Net income for the second quarter of 2019
included after-tax net gains on equity securities of $53.0 million
or $1.97 per diluted share, as compared to after-tax net gains of
$45.2 million or $1.68 per diluted share in the second quarter of
2018. In addition, net income for the second quarter of 2019
included after-tax realized investment earnings of $6.4 million or
$0.23 per diluted share compared to $9.1 million or $0.34 per
diluted share for the same period in 2018.
Net income for the six months ended June 30,
2019 was $357.1 million or $13.28 per diluted share, up from $102.9
million or $3.82 per diluted share for the same period in 2018. Net
income for the six months ended June 30, 2019 included after-tax
net gains on equity securities of $216.0 million or $8.03 per
diluted share, as compared to after-tax net gains of $19.0 million
or $0.71 per diluted share for the same period in 2018. In
addition, net income for the six months ended June 30, 2019
included after-tax realized investment earnings of $42.0 million or
$1.56 per diluted share compared to $10.0 million or $0.37 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 six
months ended June 30, 2019.
After-tax adjusted operating income for the
second quarter of 2019 increased to $39.4 million or $1.47 per
diluted share compared to $29.8 million or $1.10 per diluted share
for the same period in 2018. After-tax adjusted operating income
for the six months ended June 30, 2019 increased to $99.1 million
or $3.69 per diluted share compared to $73.9 million or $2.74 per
diluted share for the same period in 2018. The increase in 2019
adjusted operating income compared to the same periods in 2018 is
primarily attributable to increased operating income from our
Property & Casualty and Life segments.
Additional Highlights
Summary:
- Total life insurance in force increased by $3.9 billion or 3.6%
to $114.3 billion since December 31, 2018
- Book value per diluted share as of June 30, 2019 increased to
$214.13, compared to book value per share of $195.32 on December
31, 2018
American National Consolidated Financial
Highlights |
(Preliminary & Unaudited in millions, except per share
data) |
|
|
|
|
|
|
|
Quarters Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income (GAAP basis) |
$ |
98.8 |
|
|
$ |
84.1 |
|
|
$ |
357.1 |
|
|
$ |
102.9 |
|
Net gains on equity securities |
(53.0 |
) |
|
(45.2 |
) |
|
(216.0 |
) |
|
(19.0 |
) |
Net realized investment earnings |
(6.4 |
) |
|
(9.1 |
) |
|
(42.0 |
) |
|
(10.0 |
) |
Adjusted operating income(1)
(non-GAAP basis)* |
$ |
39.4 |
|
|
$ |
29.8 |
|
|
$ |
99.1 |
|
|
$ |
73.9 |
|
|
|
|
|
|
|
|
|
Per diluted share |
|
|
|
|
|
|
|
Net income (GAAP basis) |
$ |
3.67 |
|
|
$ |
3.12 |
|
|
$ |
13.28 |
|
|
$ |
3.82 |
|
Net gains on equity securities |
(1.97 |
) |
|
(1.68 |
) |
|
(8.03 |
) |
|
(0.71 |
) |
Net realized investment earnings |
(0.23 |
) |
|
(0.34 |
) |
|
(1.56 |
) |
|
(0.37 |
) |
Adjusted operating income(1)
(non-GAAP basis)* |
$ |
1.47 |
|
|
$ |
1.10 |
|
|
$ |
3.69 |
|
|
$ |
2.74 |
|
|
|
|
|
|
|
|
|
Weighted average number of
diluted shares upon which computations are based |
|
26,888,964 |
|
|
|
26,910,257 |
|
|
|
26,889,936 |
|
|
|
26,933,123 |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
|
June 30, 2019 |
|
|
|
December 31, 2018 |
|
|
Book value per diluted
share |
|
|
$ |
214.13 |
|
|
$ |
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 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, $28.4 billion in assets, $22.6
billion in liabilities and $5.8 billion in stockholders’ equity.
American National, founded in 1905 and headquartered in Galveston,
Texas, and its subsidiaries offer a broad portfolio 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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