American National Reports Losses

Galveston, Texas-based American National Insurance Company announced a fourth quarter 2008 net loss of $34,564,000, compared to net income of $53,332,000 for the same period in 2007. Other-than-temporary impairments of security investments totaling $60,277,000 after tax were the primary reason for the loss in earnings.

The company also suffered a net loss of $123,507,000 for the twelve months ended Dec. 31, 2008, compared to net income of $240,773,000 for the twelve months ended Dec. 31, 2007. The after tax operating earnings for the twelve months totaled $92,704,000, compared to $214,105,000 for the same period in 2007.

After tax operating earnings for the fourth quarter were a gain of $43,911,000, compared with a gain of $48,746,000 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 $78,475,000 for the fourth quarter of 2008, compared with after tax net realized investment gains of $4,586,000 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 $216,211,000 for the twelve months of 2008, compared to a net realized gain of $26,668,000 in the same period of 2007. The net realized investment losses in 2008 included $211,257,000 of after tax other-than-temporary impairments on security investments.

Source: American National Insurance Company, www.anico.com

Latest Comments

• February 24, 2009 at 10:44 am

  okt0ber says:

  I think they're just wanted to do the "fly by night" style life insurance, like the Garden State tv commercials I see all the time... they own Garden State. They also partner ... read more
• February 23, 2009 at 8:46 am

  Robert says:

  stock closed at 43.38 today. 52 week low, 40% of stock owned by one entity, probably still get their dividend. rumor has it that many agents are fixing to jump ship, had enou... read more