Texas-based American National Insurance Company revised its previously reported second quarter 2002 net income from $20,983,000 to $6,075,000. The company stated that the revision resulted from a reclassification between unrealized and realized losses on securities and did not have any impact on book value per share or gain from operations. American National now reports realized investment losses, net of tax, of $21,490,000 for the second quarter of 2002 as compared with the $6,582,000 loss reported for the quarter on July 23. The major elements of these losses resulted from both stock and bond investments in issues of Conseco, Worldcom, Global Crossing and Teleglobe.
This revision in reporting had no impact on the previously reported gain from operations of $27,565,000 for the second quarter.
Topics Profit Loss
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