Texas-based American National Insurance Company announced first quarter 2004 net income of $64,704,000 ($2.44 per share) compared to $40,121,000 ($1.51 per share) for the same period in 2003, a 61.3% increase.
After tax net gain from operations for the first quarter was $62,618,000 ($2.36 per share) compared with $42,988,000 ($1.62 per share) for the same period in 2003, a 45.7% increase. After tax net gain from operations excludes after tax net realized investment gains and losses.
After tax net realized investment gains were $2,086,000 for the first quarter of 2004 compared with net realized losses of $2,867,000 for the same period in 2003.
Premium for the first quarter of 2004 was $499,924,000, an increase of 13.6% over the amount for 2003. Policy account deposits received were $512,971,000 versus $469,792,000 for the first quarter of 2003.
First quarter revenues increased by 16.7% to $725,442,000 versus $621,499,000 for first quarter 2003. Assets as of March 31, 2004 rose to $15,686,716,000, a 3.61% increase over the balance at Dec. 31, 2003. Stockholders’ equity as of March 31, 2004 reached $3,172,230,000 ($119.80 per share), a 1.93% increase from the end of 2003. This represents a strong trend of combined growth and profitability.
The property and casualty business of the Multiple Line operations was the largest contributor to the increase in operating earnings. After tax gain from the property and casualty business for the first quarter of 2004 was $29,158,000, which was more than double the results of the first quarter 2003. The combined ratio was 89.7%, a significant improvement over the 97.2% combined ratio achieved in the first quarter of 2003.
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