American National Announces Third Quarter 20...( GALVESTON Texas Oct. 27 /- Americ...),Health

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

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