0001171843-16-009427.txt : 20160427 0001171843-16-009427.hdr.sgml : 20160427 20160427145017 ACCESSION NUMBER: 0001171843-16-009427 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160427 DATE AS OF CHANGE: 20160427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN NATIONAL INSURANCE CO /TX/ CENTRAL INDEX KEY: 0000904163 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 740484030 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34280 FILM NUMBER: 161594765 BUSINESS ADDRESS: STREET 1: ONE MOODY PLAZA, 14TH FL STREET 2: SEC UNIT - 8TH FLOOR CITY: GALVESTON STATE: TX ZIP: 77550 BUSINESS PHONE: 409-766-6480 MAIL ADDRESS: STREET 1: ONE MOODY PLZ CITY: GALVESTON STATE: TX ZIP: 77550 8-K 1 f8k_042716.htm FORM 8-K
 

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): April 27, 2016  

American National Insurance Company
(Exact Name of Registrant as Specified in Charter)

TEXAS 001-3428074-0484030
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

One Moody Plaza, Galveston, Texas 77550-7999
(Address of Principal Executive Offices) (Zip Code)

(409) 763-4661
(Registrant's telephone number, including area code)

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 April 27, 2016, 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 April 27, 2016

 

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
   
   
Date: April 27, 2016By: /s/ John J. Dunn, Jr.        
  Name: John J. Dunn, Jr.
  Title: Chief Financial Officer
  

EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

American National Announces First Quarter 2016 Results

GALVESTON, Texas, April 27, 2016 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced first quarter 2016 net income of $29,316,000 or $1.09 per diluted share compared to net income of $102,982,000 or $3.82 per diluted share for the same period in 2015.  The change is primarily due to a $57,998,000 or $2.15 per diluted share reduction in realized investment earnings attributable to higher than usual sales of certain real estate holdings in unconsolidated joint ventures in the first quarter of 2015.

After-tax operating income for the first quarter of 2016 was $24,275,000 or $0.90 per diluted share, compared to $39,943,000 or $1.48 per diluted share for 2015. Operating income decreased primarily due to lower earned rates on invested assets, a higher frequency of life and health claims, and a return to more typical property and casualty first quarter wind and hail losses in 2016 from a low amount in 2015.  After-tax operating income excludes realized investment earnings, which are comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income (loss) from non-controlling interests. Realized investment earnings for the first quarter of 2016 totaled $5,041,000 or $0.19 per diluted share compared to $63,039,000 or $2.34 per diluted share for 2015, which included the aforementioned higher sales of real estate holdings.

Life insurance in force continued to grow, increasing by $1.2 billion, to reach $91.4 billion as of March 31, 2016.  First quarter 2016 property and casualty net premiums written rose 9.2% or $26.4 million from the same period in 2015, increasing to $313.3 million. At March 31, 2016, stockholders’ equity totaled $4.5 billion, a 1.4% increase from December 31, 2015. Book value per diluted share increased to $167.48 at March 31, 2016 from $165.20 at December 31, 2015.

American National Insurance Company 
COMPARATIVE OPERATIONAL HIGHLIGHTS 
Compiled on a GAAP basis (Preliminary & Unaudited)* 
     
  Quarters Ended March 31,
   2016   2015 
     
Revenues  $  764,970,000  $  756,567,000 
After-tax earnings:    
Operating income  ** $  24,275,000  $  39,943,000 
Realized investment earnings **    5,041,000     63,039,000 
Net income $  29,316,000  $  102,982,000 
     
Per share earnings:    
Operating income – Diluted ** $  0.90  $  1.48 
Realized investment earnings  – Diluted **    0.19     2.34 
Net income – Diluted $  1.09  $  3.82 
     
Weighted average number of shares upon which computations are based:    
Diluted     26,965,967     26,964,350 
Basic    26,909,511     26,818,215 
     
     
  As of
  March 31, 2016 December 31, 2015
     
Book value per diluted share$ 167.48   165.20 
         
* Results are preliminary and unaudited. American National expects to timely file its Form 10-Q in May.
** Operating income excludes realized investment earnings, which is comprised of realized investment gains, equity in earnings (losses) of unconsolidated affiliates, and income (loss) from non-controlling interests, after-tax. Net income is the sum of operating income and realized investment earnings.


American National Insurance Company, 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, $24.0 billion in assets, $19.5 billion in liabilities and $4.5 billion in stockholders’ equity. American National and its subsidiaries offer 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 American National companies operate in all 50 states. 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, Garden State Life Insurance 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.AmericanNational.com.

Contact: John J. Dunn, Jr. (409) 766-6063