UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 28, 2014
American National Insurance Company
(Exact name of registrant as specified in its charter)
| Texas | 001-34280 | 74-0484030 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| One Moody Plaza Galveston, Texas | 77550-7999 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (409) 763-4661
n/a
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On July 28, 2014 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated July 28, 2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| American National Insurance Company
(Registrant) |
||
| July 28, 2014
(Date) |
/s/ JOHN J. DUNN, JR.
John J. Dunn, Jr. Executive Vice President & Corporate CFO |
| Exhibit Index | ||
| 99.1 | Press release dated July 28, 2014 | |
EXHIBIT 99.1
GALVESTON, Texas, July 28, 2014 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced second quarter 2014 net income of $57,261,000 or $2.12 per diluted share compared to net income of $58,169,000 or $2.16 per diluted share for the same period in 2013.
Second quarter after-tax operating income increased to $43,526,000 or $1.61 per diluted share, as compared with $31,109,000 or $1.15 per diluted share for the same period in 2013. The increase in operating income was primarily driven by lower consolidated expenses along with improved claim experience and growth in premiums from our property and casualty segment. After-tax 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. Realized Investment Earnings for the second quarter of 2014 totaled $13,735,000 or $0.51 per diluted share compared to $27,060,000 or $1.01 per diluted share for the same period in 2013.
Net income for the six months ended June 30, 2014 was $110,139,000 or $4.09 per diluted share, down from net income of $118,140,000 or $4.39 per diluted share, for the same period in 2013.
After-tax operating income for the first six months of 2014 was $79,951,000 or $2.97 per diluted share, an increase from $70,921,000 or $2.63 per diluted share for the same period in 2013. The year-to-date change in operating income was due to the same factors as the quarter-to-date change. Realized Investment Earnings for the first half of 2014 totaled $30,188,000 or $1.12 per diluted share compared to $47,219,000 or $1.76 per diluted share for the same period in 2013.
Total revenues were $754,786,000 for the quarter ended June 30, 2014. Sales of recurring premium life policies increased by 3.1% for the second quarter of 2014 compared with the same period in 2013. As of June 30, 2014, Stockholders' Equity totaled $4.4 billion, a 4.2% increase from December 31, 2013. Book value per diluted share increased to $162.18 at June 30, 2014 from $155.70 at December 31, 2013.
| American National Insurance Company | ||||
| COMPARATIVE OPERATIONAL HIGHLIGHTS | ||||
| Compiled on a GAAP basis (Preliminary & Unaudited)* | ||||
| Quarters Ended | Six Months Ended | |||
| June 30, | June 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| Revenues | $ 754,786,000 | $ 773,660,000 | $ 1,527,222,000 | $ 1,518,705,000 |
| After-tax earnings: | ||||
| Operating income ** | $ 43,526,000 | $ 31,109,000 | $ 79,951,000 | $ 70,921,000 |
| Realized Investment Earnings ** | 13,735,000 | 27,060,000 | 30,188,000 | 47,219,000 |
| Net income | $ 57,261,000 | $ 58,169,000 | $ 110,139,000 | $ 118,140,000 |
| Per share earnings: | ||||
| Operating income – Diluted ** | $ 1.61 | $ 1.15 | $ 2.97 | $ 2.63 |
| Realized Investment Earnings ** | ||||
| – Diluted | 0.51 | 1.01 | 1.12 | 1.76 |
| Net income – Diluted | $ 2.12 | $ 2.16 | $ 4.09 | $ 4.39 |
| Weighted average number of shares upon which computations are based: | ||||
| Diluted | 26,926,351 | 26,901,347 | 26,924,629 | 26,894,798 |
| Basic | 26,802,896 | 26,779,969 | 26,799,648 | 26,777,029 |
| As of | ||||
| June 30, 2014 | December 31, 2013 | |||
| Book value per diluted share | $ 162.18 | $ 155.70 | ||
| * Results are preliminary and unaudited. American National expects to timely file its Form 10-Q in August. | ||||
| ** 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 (American National), 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. The family of companies offers 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 family of companies operates in all 50 states and its 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, 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