Galveston, Texas-based American National Insurance Company announced a fourth quarter 2008 net loss of $34,564,000, compared to net income of $53,332,000 for the same period in 2007. Other-than-temporary impairments of security investments totaling $60,277,000 after tax were the primary reason for the loss in earnings.
The company also suffered a net loss of $123,507,000 for the twelve months ended Dec. 31, 2008, compared to net income of $240,773,000 for the twelve months ended Dec. 31, 2007. The after tax operating earnings for the twelve months totaled $92,704,000, compared to $214,105,000 for the same period in 2007.
After tax operating earnings for the fourth quarter were a gain of $43,911,000, compared with a gain of $48,746,000 for the same period in 2007. After tax operating earnings exclude after tax net realized investment gains and losses.
After tax net realized investment losses were $78,475,000 for the fourth quarter of 2008, compared with after tax net realized investment gains of $4,586,000 for the same period in 2007.
After tax operating earnings exclude after tax net realized investment gains and losses, which totaled a net realized loss of $216,211,000 for the twelve months of 2008, compared to a net realized gain of $26,668,000 in the same period of 2007. The net realized investment losses in 2008 included $211,257,000 of after tax other-than-temporary impairments on security investments.
Source: American National Insurance Company, www.anico.com
Topics Profit Loss
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