0001171843-19-005086.txt : 20190801 0001171843-19-005086.hdr.sgml : 20190801 20190801153555 ACCESSION NUMBER: 0001171843-19-005086 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190801 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190801 DATE AS OF CHANGE: 20190801 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: 19992450 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_080119.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): August 1, 2019

AMERICAN NATIONAL INSURANCE CO /TX/
(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. [ ]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00	ANAT	NASDAQ

Item 2.02. Results of Operations and Financial Condition.

On August 1, 2019, 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 August 1, 2019

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 CO /TX/


Date: August 1, 2019	By:	/s/ Timothy A. Walsh
		Timothy A. Walsh
		Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description

99.1		Press Release dated August 1, 2019

EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

American National Announces Second Quarter 2019 Results

GALVESTON, Texas, Aug. 01, 2019 (GLOBE NEWSWIRE) -- American National Insurance Company (NASDAQ: ANAT) announced net income for the second quarter of 2019 of $98.8 million or $3.67 per diluted share, up from $84.1 million or $3.12 per diluted share for the same period in 2018. Net income for the second quarter of 2019 included after-tax net gains on equity securities of $53.0 million or $1.97 per diluted share, as compared to after-tax net gains of $45.2 million or $1.68 per diluted share in the second quarter of 2018. In addition, net income for the second quarter of 2019 included after-tax realized investment earnings of $6.4 million or $0.23 per diluted share compared to $9.1 million or $0.34 per diluted share for the same period in 2018.

Net income for the six months ended June 30, 2019 was $357.1 million or $13.28 per diluted share, up from $102.9 million or $3.82 per diluted share for the same period in 2018. Net income for the six months ended June 30, 2019 included after-tax net gains on equity securities of $216.0 million or $8.03 per diluted share, as compared to after-tax net gains of $19.0 million or $0.71 per diluted share for the same period in 2018. In addition, net income for the six months ended June 30, 2019 included after-tax realized investment earnings of $42.0 million or $1.56 per diluted share compared to $10.0 million or $0.37 per diluted share for the same period in 2018. The increase in realized investment earnings was primarily due to the sale of certain real estate holdings in unconsolidated joint ventures during the six months ended June 30, 2019.

After-tax adjusted operating income for the second quarter of 2019 increased to $39.4 million or $1.47 per diluted share compared to $29.8 million or $1.10 per diluted share for the same period in 2018. After-tax adjusted operating income for the six months ended June 30, 2019 increased to $99.1 million or $3.69 per diluted share compared to $73.9 million or $2.74 per diluted share for the same period in 2018. The increase in 2019 adjusted operating income compared to the same periods in 2018 is primarily attributable to increased operating income from our Property & Casualty and Life segments.

Additional Highlights Summary:

Total life insurance in force increased by $3.9 billion or 3.6% to $114.3 billion since December 31, 2018
Book value per diluted share as of June 30, 2019 increased to $214.13, compared to book value per share of $195.32 on December 31, 2018

American National Consolidated Financial Highlights
(Preliminary & Unaudited in millions, except per share data)

	Quarters Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Net income (GAAP basis)	$	98.8		$	84.1		$	357.1		$	102.9
Net gains on equity securities	(53.0		)	(45.2		)	(216.0		)	(19.0		)
Net realized investment earnings	(6.4		)	(9.1		)	(42.0		)	(10.0		)
Adjusted operating income⁽¹⁾ (non-GAAP basis)^*	$	39.4		$	29.8		$	99.1		$	73.9

Per diluted share
Net income (GAAP basis)	$	3.67		$	3.12		$	13.28		$	3.82
Net gains on equity securities	(1.97		)	(1.68		)	(8.03		)	(0.71		)
Net realized investment earnings	(0.23		)	(0.34		)	(1.56		)	(0.37		)
Adjusted operating income⁽¹⁾ (non-GAAP basis)^*	$	1.47		$	1.10		$	3.69		$	2.74

Weighted average number of diluted shares upon which computations are based		26,888,964			26,910,257			26,889,936			26,933,123

				As of
					June 30, 2019			December 31, 2018
Book value per diluted share				$	214.13		$	195.32

^*	This measure is non-GAAP because it is not based on accounting principles generally accepted in the United States. This non-GAAP measure is used by the Company to enhance comparability between periods and to eliminate the impact of certain excluded items listed in the footnote below, which can fluctuate in a manner unrelated to core operations due to factors such as market volatility, interest rate changes and credit risk. In the opinion of the Company’s management, inclusion of this non-GAAP measure is meaningful to provide an understanding of the significant factors that comprise the Company’s periodic results of operations and financial condition.

⁽¹⁾	Adjusted operating income excludes the after-tax impact of net gains (losses) on equity securities and realized investment earnings. Realized investment earnings are comprised of realized investment gains (losses), equity in earnings of unconsolidated affiliates and income from non-controlling interests.

American National is a family of companies that has, on a consolidated GAAP basis, $28.4 billion in assets, $22.6 billion in liabilities and $5.8 billion in stockholders’ equity. American National, founded in 1905 and headquartered in Galveston, Texas, and its subsidiaries offer a broad portfolio of products and services, which include life insurance, annuities, property and casualty insurance, health insurance, credit insurance, and pension products. 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 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