Texas-based American National Insurance Company reported first quarter 2005 net income of $90,863,000 ($3.43 per share) compared to $64,704,000 ($2.44 per share) for the same period in 2004, a 40.4% increase.
After tax net gain from operations for the first quarter was $80,317,000
($3.03 per share) compared with $62,618,000 ($2.36 per share) for the same period in 2004, a 28.3% increase. After tax net gain from operations excludes after tax net realized investment gains and losses.
After tax net realized investment gains were $10,546,000 ($0.40 per share) for the first quarter of 2005 compared with after-tax net realized gains of $2,086,000 ($0.08 per share) for the same period in 2004.
Total premium for the first quarter of 2005 was $502,027,000, an increase of 7.1% over the amount for 2004. First quarter revenues increased by 9.0% to $756,782,000 versus $694,127,000 for first quarter 2004. Assets as of March 31, 2005 rose to $16,835,500,000, a 1.6% increase over the balance at Dec. 31, 2004. Stockholders’ equity as of March 31, 2005 reached $3,308,565,000 ($124.95 per share).
The Multiple Line operations were the largest contributors to the increase in operating earnings, with a continued increase in the results from the property and casualty lines. After-tax gain from the property and casualty business for the first quarter of 2005 was $43,472,000, which was a 49% increase over the results of the first quarter 2004.
The property and casualty combined ratio was 82.6%, a significant improvement over the 89.7% combined ratio achieved in the first quarter of 2004.
Topics Property Casualty
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