American National Insurance Company reported a large increase in net income for the second quarter of 2010. The company earned net income of $26.6 million, or $1.00 per diluted share, compared to a net loss of $4.4 million, or ($0.16) per diluted share, in the same quarter of 2009.
American National Insurance Company reported an improvement in several measures used to evaluate financial performance. The company increased assets by nearly 3% on a year over year basis to $20.7 billion at the end of the second quarter of 2010. Owner’s equity also increased slightly and ended the quarter at $3.5 billion.
The management of American National Insurance Company indicated that the strong increase in net income was helped by the better performance of the company’s investment portfolio.
American National Insurance Company realized an investment gain of $11.8 million, or $0.45 per diluted share, in the second quarter of 2010, compared to a net realized loss of $5.7 million, or $0.21 per diluted share, in the corresponding quarter of 2009.
Despite the better net income, American National Insurance Company reported flat book value over the last six months. The company had a book value of $130.98 per share at 6/30/2010, compared to $130.29 per share at the end of 2009.
American National Insurance Company is a property and casualty insurance company headquartered in Galveston, Texas.
For more information on the company, go to www.anico.com
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