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): October 30, 2017
American National Insurance Company
(Exact Name of Registrant as Specified in Charter)
| TEXAS | 001-34280 | 74-0484030 |
| (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)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition.
On October 30, 2017, 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 October 30, 2017
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: October 30, 2017 | By: | /s/ Timothy A. Walsh |
| Timothy A. Walsh | ||
| Chief Financial Officer | ||
EXHIBIT INDEX
| Exhibit Number | Description | |
| 99.1 | Press Release dated October 30, 2017 |
EXHIBIT 99.1
American National Announces Third Quarter Results
GALVESTON, Texas, Oct. 30, 2017 (GLOBE NEWSWIRE) -- American National Insurance Company (Nasdaq:ANAT) announced a 23.6% increase in third quarter net income to $73.3 million or $2.72 per diluted share, from net income for the same period of 2016 of $59.3 million or $2.20 per diluted share. Book value per diluted share increased to $180.79 at September 30, 2017, a 4.8% increase from $172.51 at December 31, 2016.
Third quarter after-tax operating income, which excludes realized investment earnings, increased to $42.3 million or $1.57 per diluted share compared to $27.3 million or $1.01 per diluted share for the same period of 2016. Third quarter earnings increased in all insurance segments compared to the same period in 2016. Life earnings improved due to increased premiums and lower policyholder benefit payments. Operating earnings from our property and casualty insurance segment increased, despite significant catastrophic weather activity during the quarter, as a result of increased premiums and improved performance of our personal and commercial lines of business.
After-tax realized investment earnings for the third quarter of 2017 were comparable with the prior year at $31.0 million or $1.15 per diluted share compared to $31.9 million or $1.19 per diluted share for the same period in 2016. Realized investment earnings are comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income from non-controlling interests.
Net income for the nine months ended September 30, 2017 was $149.1 million, an increase of 23.0% from the same period of 2016, due to higher operating income, including investment income on a larger asset base, and higher realized investment earnings. Life insurance in force continued to grow, surpassing the $100 billion milestone. Stockholders’ equity totaled $4.9 billion at September 30, 2017, a 4.8% increase from December 31, 2016.
Third Quarter 2017 Highlights:
| American National Insurance Company COMPARATIVE OPERATIONAL HIGHLIGHTS Compiled on a GAAP basis (Preliminary & Unaudited)* | ||||||||||||||
| Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||
| Revenues | $ | 872,750,000 | $ | 823,142,000 | $ | 2,486,640,000 | $ | 2,388,560,000 | ||||||
| After-tax earnings: | ||||||||||||||
| Operating income ** | $ | 42,263,000 | $ | 27,344,000 | $ | 91,822,000 | $ | 80,419,000 | ||||||
| Realized investment earnings ** | 31,006,000 | 31,945,000 | 57,246,000 | 40,811,000 | ||||||||||
| Net income | $ | 73,269,000 | $ | 59,289,000 | $ | 149,068,000 | $ | 121,230,000 | ||||||
| Per diluted share earnings: | ||||||||||||||
| Operating income ** | $ | 1.57 | $ | 1.01 | $ | 3.41 | $ | 2.98 | ||||||
| Realized investment earnings ** | 1.15 | 1.19 | 2.12 | 1.52 | ||||||||||
| Net income | $ | 2.72 | $ | 2.20 | $ | 5.53 | $ | 4.50 | ||||||
| Weighted average number of diluted shares upon which computations are based | 26,958,664 | 26,967,331 | 26,959,227 | 26,966,387 | ||||||||||
| As of | ||||||||||||||
| September 30, 2017 | December 31, 2016 | |||||||||||||
| Book value per diluted share | $ | 180.79 | $ | 172.51 | ||||||||||
| * Results are preliminary and unaudited. American National expects to timely file its Form 10-Q in November. | ||||||||||||||
| ** 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 is a family of companies that has, on a consolidated GAAP basis, $25.9 billion in assets, $21.0 billion in liabilities and $4.9 billion in stockholders’ equity. American National, founded in 1905 and headquartered in Galveston, Texas, 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. 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.
American National Insurance Company, the parent company, 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, and is licensed to conduct the business of insurance in all states except New York.
For more information, including company news and investor relations information, visit the company’s web site at www.AmericanNational.com.
Contact: Timothy A. Walsh (409) 766-6553