American National Insurance Company issued the following announcement on May 10.
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 aftertax 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 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.
Original source can be found here.
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