American National Announces First Quarter 2009 Results (PR Newswire)
Thu, 23 Apr 2009 21:40:00 Etc/GM
After tax net gain from operations for the first quarter was $55,000 ($0.00 per diluted share) compared with $42,655,000 ($1.60 per diluted share) for the same period in 2008. After tax net gain from operations excludes after tax net realized investment gains and losses.
After tax net realized investment losses were $47,750,000 ($1.80 per diluted share) for the first quarter of 2009 compared with net losses of $3,630,000 ($0.14 per diluted share) for the same period in 2008. The losses for both years were primarily the result of other-than-temporary impairments on investments.
OPERATIONS
Current quarter revenues and pre-tax earnings were impacted by $67.6 million of other-than-temporary impairments on security investments. Increased catastrophe losses in the property and casualty business also contributed to the decrease in net income. Total catastrophe losses, after tax, in the first quarter of 2009 were $19.1 million compared to $9.2 million in the same period of 2008.
Annuity sales were steady in the first quarter, totaling $625.8 million in paid premium as compared to $618.4 million for the first quarter of 2008. These sales contributed significantly to an increase of over 2% in total assets in the first quarter, with assets reaching over $18.5 billion.
The first quarter net loss combined with an increase in unrealized losses on invested assets resulted in a 2% decline in stockholders' equity as of March 31, 2009 to a total of $3,052,160,000 ($115.18 per share). American National remains well capitalized with assets equal to 120% of those required to support the company's liabilities.
American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis (Unaudited)
Quarter Ended
March 31,
2009 2008
---- ----
Revenues $651,997,000 $726,436,000
After-tax earnings:
Operating earnings * $55,000 $42,655,000
Realized investment gains (losses) $(47,750,000) $(3,630,000)
Net income $(47,695,000) $39,025,000
Per share earnings:
Operating earnings * $0.00 $1.60
Realized investment gains (losses) $(1.80) $(0.14)
Net income - Diluted ** $(1.80) $1.46
Net income - Basic $(1.80) $1.47
Weighted average number of shares
Upon which computations are based:
Diluted ** 26,498,832 26,641,081
Basic 26,498,832 26,479,832
March 31, 2009 December 31, 2008
-------------- -----------------
Book value per share $115.18 $118.35
* Operating earnings exclude after tax realized investment gains.
The sum of Operating earnings and Realized investment gains (losses)
is equal to Net income.
** Under GAAP accounting rules, diluted earnings per share are equal to
basic earnings per share when reporting a net loss.
American National Insurance Company is headquartered in Galveston, Texas. American National has over $18.5 billion in assets and is rated A+ (Superior) by A.M. Best Company, and AA- (Very Strong) by Standard & Poor's. The American National family of companies offers a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension plan services and property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures. American National's major insurance subsidiaries include American National Life Insurance Company of Texas, Standard Life and Accident Insurance Company, Garden State Life Insurance Company, American National Property and Casualty 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.anico.com.
The statements contained in this release that are not historical statements, including statements regarding future performance, plans and projections, are forward-looking statements based on management's current expectations. These statements involve certain risks and uncertainties detailed in the Company's financial statements. Actual results may differ materially from these statements due to changes in business, regulatory, competitive, market, economic, and political factors that are beyond our control. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
source: http://biz.yahoo.com/prnews/090423/da04590.html?.v=1