AMERICAN NAT’L PROFITS JUMP

Texas-based American National Insurance Company reported its gain from operations after tax for the second quarter of 2002 was $27,565,000 ($1.04 per share) versus $16,116,000 ($0.61 per share) for the same period in 2001, a 71 percent increase. For the first six months of 2002, the gain from operations after tax was $64,122,000 ($2.42 per share) versus $50,282,000 ($1.90 per share) for the same period in 2001. The company attributed the improved gain from operations to significant improvements in the Multiple Line Property and Casualty operations, which were near break even year-to-date, and the Health Division, which contributed significantly to the year-to-date gain from operations before tax. Net income for the six months ended June 30 however was down, coming in at $63,127,000 ($2.38 per share) versus $78,123,000 ($2.95 per share) for the same period in 2001. The decrease was due to realized losses on investments, including other-than-temporary impairment write-downs. Earned premiums for the first six months of 2002 were 23.1 percent ahead of the same period for 2001 and total revenues for the first six months of 2002 were 12.6 percent ahead 2001 figures.

Topics Profit Loss