American National Insurance reports net loss in Q2

Jul 29, 2008 (Datamonitor via COMTEX) -- ANAT | Quote | Chart | News | PowerRating -- American National Insurance Company has reported a second quarter 2008 net loss of $2.94 million or $0.11 per diluted share as against a net income of $58.9 million or $2.22 per diluted share for the same period in 2007.

After tax operating earnings for the second quarter were a loss of $141,000 or $0.01 per diluted share compared with a gain of $53.92 million $2.03 per diluted share for the corresponding period in 2007. After tax operating earnings exclude after tax net realized investment gains and losses.

After tax net realized investment losses were $2.79 million or $0.10 per diluted share for the second quarter of 2008 as compared to net realized investment gains of $5.07 million or $0.19 per diluted share for the same period of 2007.

Net income for the first six months ended June 30, 2008 totaled $36.1 million or $1.35 per diluted share, down from $108.2 million or $4.06 per diluted share for the first half of 2007.

Total revenue for the first half of 2008 decreased 7% to $1.45 billion from $1.56 million total reported for the first half of 2007. According to the company, current year revenues have been impacted by an $82.6 million decrease in sales of single premium immediate annuities and $27 million of other-than-temporary impairments on securities investments in the first half of 2007.

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