American National Insurance reports net loss in Q2

Tue. July 29, 2008; Posted: 11:15 AM

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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For full details on American National Insur (ANAT) click here. American National Insur (ANAT) has Short Term PowerRatings of 6. Details on American National Insur (ANAT) Short Term PowerRatings is available at This Link.

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