American National Announces First Quarter 2021 Results
May 03, 2021 at 15:00 PM EDT
GALVESTON, Tx., May 03, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. (NASDAQ: ANAT) (formerly American National Insurance Company)(1) and subsidiaries (collectively, the “Company”) announced net income for the first quarter of 2021 of $170.2 million or $6.33 per diluted share, compared to a net loss of $220.4 million or $8.20 loss per diluted share for the same period in 2020. The increase in net income for the first quarter of 2021 was primarily attributable to an increase in the value of the Company's equity security portfolio during the first quarter of 2021 which generated after-tax net gains of $75.8 million or $2.82 per diluted share, compared to a loss on equity securities of $262.7 million or $9.77 loss per diluted share for the same period in 2020. The after-tax net loss on equity securities in the first quarter of 2020 was driven by the negative impact in financial markets associated with COVID-19.
In addition, net income for the first quarter of 2021 included after-tax net realized investment earnings of $17.1 million or $0.64 per diluted share, compared to net realized investment losses of $26.5 million or $0.99 per diluted share for the same period in 2020. In the first quarter of 2020, the net realized investment losses were caused by the Company's estimated credit loss of $38.2 million or $1.42 per diluted share primarily attributable to commercial mortgage loans.
After-tax adjusted net operating income for the first quarter of 2021 was $77.3 million or $2.87 per diluted share compared to $68.8 million or $2.56 per diluted share for the same period in 2020. The increase in adjusted net operating income reflects an improvement in our annuity and health segment earnings partially offset by higher mortality in our life segment and increased catastrophe claims in our property and casualty segment.
For the first quarter of 2021, total life insurance in force increased by $2.2 billion to $130.4 billion, and book value per share increased $1.73 to $241.93.
A reconciliation of adjusted net operating income, a non-GAAP measure, to GAAP net income is included in the following table.
American National Group, Inc. is a family of companies that has, on a consolidated GAAP basis, $29.8 billion in assets, $23.3 billion in liabilities and $6.5 billion in stockholders’ equity as of March 31, 2021. American National Insurance Company, founded in 1905 and headquartered in Galveston, Texas, and other American National 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. In addition to American National Insurance Company, major 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 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: Brody J. Merrill (409) 766-6826