American National Insurance Company Reports First Quarter 2001 Results

Apr 24, 2001, 01:00 ET from American National Insurance Company

    GALVESTON, Texas, April 24 /PRNewswire Interactive News Release/ --
 American National Insurance Company (Nasdaq:   ANAT) reported after-tax gain
 from operations, excluding gains from the sale of investments, for the first
 quarter of 2001 of $34,166,000 ($1.29 per share), an increase compared with
 $32,096,000 ($1.21 per share) for the same period in 2000.  This was an
 increase of 6.4% and was primarily the result of improved earnings in the
 property and casualty and health lines.
     Included in the after-tax gain from operations are earnings in
 unconsolidated affiliates, which decreased for the first quarter 2001 from the
 same period in 2000 by $4,194,000 ($0.16 per share).  The unconsolidated
 affiliates are comprised primarily of real estate and Venture Capital joint
 ventures.  Excluding the results of the unconsolidated affiliates, the after
 tax gain from operations would have increased $6,264,000 ($0.24 per share), or
 19.8% for the first quarter 2001 compared to the same period in 2000.
     Continued improvement in sales as measured by premium, as well as policy
 retention was evidenced by an increase of 2.8% in earned premium for the first
 quarter of 2001 over the same period in 2000.  Policy deposits received for
 the first quarter of 2001 were up 37.6% over the same period of 2000.  This
 was primarily the result of an increase in deferred annuity sales from the
 Independent Marketing Division.
     As previously reported, American National closed the acquisition of Farm
 Family Holdings, Inc. on April 10, 2001.  Since the transaction was not closed
 until after the end of the first quarter, no effect of the acquisition is
 reflected in the consolidated financial results.  The results of the Farm
 Family companies will be included beginning with the second quarter
 consolidated financial results.  Due to the acquisition costs involved, the
 addition of Farm Family will have a minimal effect on earnings for the year
 2001.  In future years it is expected that Farm Family's earnings will
 continue in their historic pattern and add to consolidated results
 accordingly.
     Net income for the first quarter of 2001 was $36,789,000 ($1.39 per
 share), down from $62,553,000 ($2.36 per share) for 2000.  This is the result
 of a decrease in the after-tax gain from the sale of investments, to
 $2,623,000 ($0.10 per share) for the first quarter of 2001 from $30,457,000
 ($1.15 per share) for the same period in 2000.
     American National Insurance Company is headquartered in Galveston, Texas.
 American National has over $9.2 billion in assets and is rated A+ (Superior)
 by A.M. Best, and AA+ (Very Strong) by Standard & Poor's.  The American
 National family of companies offers a broad line of products and services,
 which include individual and group life and health insurance, and annuities;
 personal lines property and casualty insurance; credit insurance and mutual
 funds.  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, American National de Mexico, Compania de Seguros de Vida,
 S.A. de C.V. and the newly acquired insurance subsidiaries of Farm Family
 Holdings consisting of 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.
 
      American National Insurance Company
      COMPARATIVE OPERATIONAL HIGHLIGHTS
      Compiled on a GAAP basis
 
                                                      Quarter Ended
                                                        March 31,
                                                   2001             2000
 
     Revenues                                  $453,277,000     $484,921,000
     After-tax earnings:
      Operating earnings *                      $34,166,000      $32,096,000
      Realized investment gains                 $ 2,623,000      $30,457,000
      Net income                                $36,789,000      $62,553,000
 
     After-tax per share earnings:
      Operating earnings *                            $1.29            $1.21
      Realized investment gains                       $0.10            $1.15
      Net income                                      $1.39            $2.36
 
     Weighted average number of shares
      upon which computations are based:         26,479,165       26,479,165
 
     *Operating earnings exclude after-tax
      realized investment gains
 
     Book value per share                           $113.24          $115.47
     Book value per share adjusted for
      FAS115                                        $113.77          $116.48
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The statements contained in this release which are not historical
 facts contain forward looking information with respect to plans, projections
 or future performance of the Company, the occurrence of which involve certain
 risks and uncertainties detailed in the Company's financial statements.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21741719
 
 

SOURCE American National Insurance Company
    GALVESTON, Texas, April 24 /PRNewswire Interactive News Release/ --
 American National Insurance Company (Nasdaq:   ANAT) reported after-tax gain
 from operations, excluding gains from the sale of investments, for the first
 quarter of 2001 of $34,166,000 ($1.29 per share), an increase compared with
 $32,096,000 ($1.21 per share) for the same period in 2000.  This was an
 increase of 6.4% and was primarily the result of improved earnings in the
 property and casualty and health lines.
     Included in the after-tax gain from operations are earnings in
 unconsolidated affiliates, which decreased for the first quarter 2001 from the
 same period in 2000 by $4,194,000 ($0.16 per share).  The unconsolidated
 affiliates are comprised primarily of real estate and Venture Capital joint
 ventures.  Excluding the results of the unconsolidated affiliates, the after
 tax gain from operations would have increased $6,264,000 ($0.24 per share), or
 19.8% for the first quarter 2001 compared to the same period in 2000.
     Continued improvement in sales as measured by premium, as well as policy
 retention was evidenced by an increase of 2.8% in earned premium for the first
 quarter of 2001 over the same period in 2000.  Policy deposits received for
 the first quarter of 2001 were up 37.6% over the same period of 2000.  This
 was primarily the result of an increase in deferred annuity sales from the
 Independent Marketing Division.
     As previously reported, American National closed the acquisition of Farm
 Family Holdings, Inc. on April 10, 2001.  Since the transaction was not closed
 until after the end of the first quarter, no effect of the acquisition is
 reflected in the consolidated financial results.  The results of the Farm
 Family companies will be included beginning with the second quarter
 consolidated financial results.  Due to the acquisition costs involved, the
 addition of Farm Family will have a minimal effect on earnings for the year
 2001.  In future years it is expected that Farm Family's earnings will
 continue in their historic pattern and add to consolidated results
 accordingly.
     Net income for the first quarter of 2001 was $36,789,000 ($1.39 per
 share), down from $62,553,000 ($2.36 per share) for 2000.  This is the result
 of a decrease in the after-tax gain from the sale of investments, to
 $2,623,000 ($0.10 per share) for the first quarter of 2001 from $30,457,000
 ($1.15 per share) for the same period in 2000.
     American National Insurance Company is headquartered in Galveston, Texas.
 American National has over $9.2 billion in assets and is rated A+ (Superior)
 by A.M. Best, and AA+ (Very Strong) by Standard & Poor's.  The American
 National family of companies offers a broad line of products and services,
 which include individual and group life and health insurance, and annuities;
 personal lines property and casualty insurance; credit insurance and mutual
 funds.  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, American National de Mexico, Compania de Seguros de Vida,
 S.A. de C.V. and the newly acquired insurance subsidiaries of Farm Family
 Holdings consisting of 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.
 
      American National Insurance Company
      COMPARATIVE OPERATIONAL HIGHLIGHTS
      Compiled on a GAAP basis
 
                                                      Quarter Ended
                                                        March 31,
                                                   2001             2000
 
     Revenues                                  $453,277,000     $484,921,000
     After-tax earnings:
      Operating earnings *                      $34,166,000      $32,096,000
      Realized investment gains                 $ 2,623,000      $30,457,000
      Net income                                $36,789,000      $62,553,000
 
     After-tax per share earnings:
      Operating earnings *                            $1.29            $1.21
      Realized investment gains                       $0.10            $1.15
      Net income                                      $1.39            $2.36
 
     Weighted average number of shares
      upon which computations are based:         26,479,165       26,479,165
 
     *Operating earnings exclude after-tax
      realized investment gains
 
     Book value per share                           $113.24          $115.47
     Book value per share adjusted for
      FAS115                                        $113.77          $116.48
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The statements contained in this release which are not historical
 facts contain forward looking information with respect to plans, projections
 or future performance of the Company, the occurrence of which involve certain
 risks and uncertainties detailed in the Company's financial statements.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21741719
 
 SOURCE  American National Insurance Company