Navigation Links
American National Announces Third Quarter 2008 Results
Date:10/27/2008

GALVESTON, Texas, Oct. 27 /PRNewswire-FirstCall/ -- American National Insurance Company (Nasdaq: ANAT) announced a third quarter 2008 net loss of $125,033,000 ($4.69 per diluted share) compared to net income of $79,245,000 ($2.98 per diluted share) for the same period in 2007. Other-than-temporary impairments of security investments as well as catastrophe losses in the property and casualty business were the primary reasons for the loss in earnings.

After tax operating earnings for the third quarter were a gain of $6,279,000 ($0.24 per diluted share) compared with a gain of $60,653,000 ($2.28 per diluted share) for the same period in 2007. After tax operating earnings exclude after tax net realized investment gains and losses.

After tax net realized investment losses were $131,312,000 ($4.93 per diluted share) for the third quarter of 2008 compared with after tax net realized investment gains of $18,592,000 ($0.70 per diluted share) for the same period in 2007.

YEAR-TO-DATE RESULTS

The net loss for the nine months ended September 30, 2008 totaled $88,943,000 ($3.34 per diluted share) compared to net income of $187,441,000 ($7.04 per diluted share) for the nine months ended September 30, 2007. The after tax operating earnings for the first nine months totaled $48,794,000 ($1.82 per diluted share) compared to $165,359,000 ($6.21 per diluted share) for the same period in 2007. After tax operating earnings exclude after tax net realized investment gains and losses, which totaled a net realized loss of $137,737,000 ($5.17 per diluted share) for the first nine months of 2008 compared to a net realized gain of $22,082,000 ($0.83 per share) in the same period of 2007.

OPERATIONS

Current quarter revenues and pre-tax earnings were impacted by $205 million of other-than-temporary impairments on security investments. The impairments were primarily on financial sector stocks and bonds of companies such as Fannie Mae, Freddie Mac, Lehman Brothers, Washington Mutual and AIG. The effect of the impairments on after-tax earnings was $133 million for the quarter ended September 30, 2008.

Catastrophe losses in the company's property and casualty operations continued to be above average in the third quarter. American National's catastrophe losses, including losses from Hurricanes Ike and Gustav, impacted the third quarter by $25 million net of reinsurance and net of tax. This is over three times the net catastrophe losses of $7 million recorded in the third quarter of 2007. Earnings in the third quarter of 2008 were also impacted by $24 million, net of tax, from litigation related to the company's life insurance business.

While earnings have been impacted by the volatile economic and weather conditions, sales of deferred annuities increased significantly through the first nine months of 2008. Total policyholder deposits, for both life and annuities, increased 65% to a total of $1.5 billion through September 30, from $944 million in the same period of 2007. Life insurance in force also increased as of September 30 to a total of $70 billion, which is an increase of 1.9% from December 31, 2007. Total assets as of September 30, 2008 were $18.8 billion compared to $18.4 billion as of December 31, 2007.

American National Insurance Company

COMPARATIVE OPERATIONAL HIGHLIGHTS

Compiled on a GAAP basis (Unaudited)

Quarter Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

Revenues $552,943,000 $768,729,000 $2,012,860,000 $2,338,116,000

After-tax

earnings:

Operating

earnings * $6,279,000 $60,653,000 $48,794,000 $165,359,000

Net realized

investment

gains

(losses) $(131,312,000) $18,592,000 $(137,737,000) $22,082,000

Net income

(loss) $(125,033,000) $79,245,000 $(88,943,000) $187,441,000

Per share

earnings:

Operating

earnings * $0.24 $2.28 $1.82 $6.21

Net realized

investment

gains

(losses) $(4.93) $0.70 $(5.17) $0.83

Net income

(loss) -

Diluted $(4.69) $2.98 $(3.34) $7.04

Net income

(loss) -

Basic $(4.72) $2.99 $(3.36) $7.08

Weighted

average number

of shares

Upon which

computations

are based:

Diluted 26,631,908 26,633,488 26,631,908 26,633,488

Basic 26,479,832 26,479,832 26,479,832 26,479,832

As of

September 30, 2008 December 31, 2007

Book value per

diluted share $126.70 $140.28

* Operating earnings exclude after-tax realized investment gains and

losses. The sum of Operating earnings and Realized investment gains

(losses) is equal to Net income.

American National Insurance Company is headquartered in Galveston, Texas. American National has over $18.8 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 http://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 American National Insurance Company
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Hooters to Hooters 80 Mile Bicycle Ride Supporting Local American Cancer Society Unit
2. UCB Becomes Pinnacle Donor to the American College of Rheumatology Research and Education Foundations Research Campaign
3. First-Ever Over-the-Counter Dual Action Iron Supplement Launched at the American Dietetic Association Conference in Chicago; Bifera to be Available in Select Stores in Early 2009
4. American Association for Homecare Proposes Aggressive 13-Point Plan to Stop Medicare Fraud and Recoup Billions; Calls Steps Essential to Medicares Health
5. AUDIO from Medialink and UnitedHealthcare: More Americans Seeing Benefits of Health Savings Accounts
6. Northern Virginia Dentist to Become a New Fellow of the American Academy of Implant Dentistry
7. AMA Aims to Help Americans Get Healthier One Step at a Time
8. American Well Systems CEO Roy Schoenberg to Present Live Public Demo of First Online Care Service at Health 2.0 Conference
9. Check Your Emergency Preparedness Kits When You Set Your Clocks, Says American Public Health Association Campaign
10. American Association for the Study of Liver Diseases Enters Into Agreement With Clinical Care Options as Its Authorized Online Conference Coverage Provider for the Liver Meeting(R) 2008
11. American Association for the Study of Liver Diseases (AASLD) Presidents Press Conference, Nov. 1, 2008 in San Francisco
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2017)... ... ... The Texas Cord Blood Bank (TCBB), a program of nonprofit biomedical organization ... Hospital at Renaissance in Edinburg for their outstanding efforts in collecting umbilical cord blood ... , “Women’s Hospital at Renaissance has been a collection partner for the TCBB ...
(Date:4/28/2017)... ... 28, 2017 , ... Yisrayl Hawkins, Pastor and Overseer at The House of Yahweh in Abilene, ... to and which He does not. Yisrayl says with so many titles and names ... name, but he says with a little Scripture, backed with a lot of research, the ...
(Date:4/28/2017)... ... April 28, 2017 , ... NuevaCare, a leading home care ... Millbrae, Burlingame, and Palo Alto, is proud to announce information upgrades to its blog ... and read organized content on topics such as home care (generally) as well as ...
(Date:4/27/2017)... (PRWEB) , ... April 27, 2017 , ... ... Economics Insights in Incentives, Rewards, and Recognition: A Nudge Guide," a groundbreaking analysis ... (IRR) field. Offering practical takeaways to apply immediately to IRR programs, the report ...
(Date:4/27/2017)... ... April 27, 2017 , ... SyncDog, Inc. , ... MobileIron Live! 2017 in Santa Clara, California. Each year, MobileIron Live! ... to helping organizations maximize the benefits of mobility in their operations securely. ...
Breaking Medicine News(10 mins):
(Date:4/20/2017)... , April 20, 2017 Research and ... Pharmaceutical Contract Manufacturing Services Market Analysis By Service (Manufacturing, Research), ... Forecasts, 2014 - 2025" report to their offering. ... The Latin American pharmaceutical ... billion by 2025 Low drug registration cost in ...
(Date:4/19/2017)... The Mobile X-Ray product segment is the most ... the forecast period Mobile X-Ray segment is the ... X-Ray devices market, which is estimated to be valued at ... CAGR of 7% over the forecast period. Mobile X-Ray segment ... US$ 100 Mn in 2017 over 2016. The segment,s revenue ...
(Date:4/19/2017)... Global Prostate Cancer Therapeutics Market: Overview ... cancer therapeutics market analyzes the current and future ... prostate cancer, launch of promising emerging therapies, as ... drugs & therapeutic biological products, and high growth ... side effects are some of the drivers expected ...
Breaking Medicine Technology: