Galveston, Texas-based American National Insurance Co. announced second quarter 2003 net income of $25.7 million (97 cents per share) compared to $6 million (23 cents per share) for the same period in 2002. The second quarter of 2002 included a non-operating loss of $21.4 million (net of tax) related to realized losses on investments, as compared to a $406,000 (net of tax) realized investment gain in the second quarter of 2003.
After tax net gain from operations, prior to the realized investment gains and losses, for the second quarter was $25,374,000 (96 cents per share) versus $27.5 million ($1 per share) for the same period in 2002, a decrease of 7.9 percent. After tax net gain from operations excludes after tax net realized investment gains and losses.
Net income for the first six months of 2003 was $65.9 million ($2.49 per share) compared to net income for the first six months of 2002 of $48.2 million ($1.82 per share).
The net income for the first six months of 2003 was reduced by $16.4 million of other-than-temporary impairments of marketable securities on an after-tax basis. Of this amount, $1.1 million of such impairments occurred during the second quarter. For the first six months of 2002, the other-than-temporary impairments of marketable securities on an after-tax basis were $24.8 million, all of which occurred during the second quarter.
The after tax net gain from operations for the first six months of 2003 was $68.3 million ($2.58 per share) versus $64.1 million ($2.42 per share) for the same period in 2002, an increase of 6.6 percent.
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