American National Announces Third Quarter 20...(nd pre-tax earnings were impacted by $20...),Health

Date:10/27/2008

nd 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

earning
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SOURCE American National Insurance Company Copyright©2008 PR Newswire. All rights reserved

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