American National Announces Third Quarter 2016 Results
October 31 2016 - 2:52PM
American National Insurance Company (Nasdaq:ANAT) announced third
quarter 2016 net income of $59.3 million or $2.20 per diluted share
compared to net income of $42.0 million or $1.56 per diluted share
for the same period in 2015. Book value per diluted share
increased to $173.27 at September 30, 2016 from $165.20 at December
31, 2015.
Third quarter after-tax operating income of $27.3 million or
$1.01 per diluted share decreased from $42.0 million or $1.56 per
diluted share for the same period in 2015. Lower operating
income for the third quarter of 2016 was also reflected in year to
date results as compared to the prior year. American
National’s property and casualty claims were $26.5 million and
$83.9 million for policyholders affected by various catastrophes
during the three and nine months ended September 30, 2016,
respectively. These represent increases of $22.2 million and
$31.9 million over amounts incurred for catastrophes during the
same periods in 2015. Additionally, American National’s
personal auto results were impacted by increases in claim frequency
and severity experienced across the industry. An increase in
net investment income partially offset the increase in claim
expense.
After-tax operating income excludes realized investment
earnings, which is comprised of realized investment gains, equity
in earnings of unconsolidated affiliates and income from
non-controlling interests. Realized investment earnings for
the third quarter of 2016 were $31.9 million or $1.19 per diluted
share compared to $47.0 thousand or $0.0 per diluted share for the
same period in 2015.
Revenue in the life insurance, annuity and property and casualty
segments increased in the first nine months of 2016 compared to the
same period in 2015. Life insurance in force continued to
grow during 2016, increasing by $3.9 billion, to reach $94.1
billion as of September 30, 2016. At September 30,
2016, stockholders’ equity totaled $4.7 billion, a 4.9% increase
from December 31, 2015.
American
National Insurance Company |
COMPARATIVE OPERATIONAL HIGHLIGHTS |
Compiled
on a GAAP basis (Preliminary &
Unaudited)* |
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Quarters Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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Revenues |
$ |
823,142,000 |
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$ |
699,859,000 |
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$ |
2,388,560,000 |
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$ |
2,173,932,000 |
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After-tax
earnings: |
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Operating
income ** |
$ |
27,344,000 |
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$ |
41,966,000 |
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$ |
80,419,000 |
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$ |
107,626,000 |
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Realized
investment earnings ** |
|
31,945,000 |
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|
47,000 |
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|
40,811,000 |
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|
72,422,000 |
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Net income |
$ |
59,289,000 |
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$ |
42,013,000 |
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$ |
121,230,000 |
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$ |
180,048,000 |
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Per share
earnings: |
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Operating income
– Diluted ** |
$ |
1.01 |
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$ |
1.56 |
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$ |
2.98 |
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$ |
3.99 |
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Realized
investment earnings |
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– Diluted
** |
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1.19 |
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- |
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1.52 |
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|
2.69 |
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Net income –
Diluted |
$ |
2.20 |
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$ |
1.56 |
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$ |
4.50 |
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$ |
6.68 |
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Weighted average number
of shares |
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upon which
computations are based: |
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Diluted |
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26,967,331 |
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26,963,635 |
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26,966,387 |
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26,945,386 |
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Basic |
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26,908,032 |
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26,899,693 |
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26,908,619 |
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26,865,359 |
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As of |
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September 30, 2016 |
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December 31, 2015 |
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Book value per diluted
share |
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$ |
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173.27 |
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$ |
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165.20 |
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* Results
are preliminary and unaudited. American National expects to timely
file its Form 10-Q in November. |
**
Operating income excludes realized investment earnings, which is
comprised of realized investment gains, equity in earnings
ofunconsolidated affiliates, and income from non-controlling
interests, after-tax. Net income is the sum of operating income and
realizedinvestment earnings. |
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American National Insurance Company, headquartered in Galveston,
Texas, was founded in 1905 and is licensed to conduct the business
of insurance in all states except New York. American National 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.
American National is also a family of companies that has, on a
consolidated GAAP basis, $24.6 billion in assets, $19.9 billion in
liabilities and $4.7 billion in stockholders’ equity.
American National and its subsidiaries offer a broad line of
products and services, which include life insurance, annuities,
health insurance, credit insurance, pension products and property
and casualty insurance for personal lines, agribusiness, and
targeted commercial exposures. 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 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.AmericanNational.com.
Contact: John J. Dunn, Jr. (409) 766-6063
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