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American National Announces Financial Results for 2014

GALVESTON, Texas, Feb. 23, 2015 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq: ANAT) announced 2014 net income of $247,193,000 or $9.18 per diluted share compared to net income of $268,372,000 or $9.97 per diluted share for 2013.

After-tax operating income for 2014 increased to $209,791,000 or $7.79 per diluted share, from $185,120,000 or $6.88 per diluted share for 2013. The increase in operating income was primarily due to premium growth across all business segments combined with lower operating expenses. After-tax operating income excludes realized investment earnings (losses), which is comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income from non-controlling interests. Realized investment earnings for 2014 totaled $37,402,000 or $1.39 per diluted share compared to $83,252,000 or $3.09 per diluted share for 2013.

Net income for the fourth quarter of 2014 totaled $69,170,000 or $2.57 per diluted share, compared to $67,619,000 or $2.51 per diluted share in 2013.

After-tax operating income for the fourth quarter of 2014 was $56,217,000 or $2.09 per diluted share, compared to $57,357,000 or $2.13 per diluted share in 2013. Realized investment earnings for the fourth quarter of 2014 totaled $12,953,000 or $0.48 per diluted share compared to $10,262,000 or $0.38 per diluted share in 2013.

As of December 31, 2014, Stockholders' Equity totaled $4.4 billion, a 5.8% increase from December 31, 2013. Book value per diluted share increased to $164.65 at December 31, 2014 from $155.70 at December 31, 2013.

American National Insurance Company
COMPARATIVE OPERATIONAL HIGHLIGHTS
Compiled on a GAAP basis (Preliminary & Unaudited)*
Quarters Ended Years Ended
December 31, December 31,
2014 2013 2014 2013
Revenues $777,198,000 $815,001,000 $3,050,590,000 $3,119,210,000
After-tax earnings:
Operating income ** $56,217,000 $57,357,000 $209,791,000 $185,120,000
Realized investment earnings ** 12,953,000 10,262,000 37,402,000 83,252,000
Net income $69,170,000 $67,619,000 $247,193,000 $268,372,000
Per share earnings:
Operating income – Diluted ** $2.09 $2.13 $7.79 $6.88
Realized investment earnings ** – Diluted 0.48 0.38 1.39 3.09
Net income – Diluted $2.57 $2.51 $9.18 $9.97
Weighted average number of shares upon which computations are based:
Diluted 26,915,253 26,913,697 26,918,670 26,914,591
Basic 26,807,616 26,785,279 26,802,841 26,791,900
As of
December 31, 2014 December 31, 2013
Book value per diluted share $ 164.65 $ 155.70
* Results are preliminary and unaudited. American National expects to timely file its 2014 Form 10-K in February.
** 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, after-tax. Net income is the sum of operating income and realized investment earnings.

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, $23.5 billion in assets, $19.1 billion in liabilities and $4.4 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.anico.com.

CONTACT: John J. Dunn, Jr. (409) 766-6063

Source:American National Insurance Company