American National Announces First Quarter 2021 Results
GALVESTON, Tx., May 03, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. (NASDAQ: ANAT) (formerly American National Insurance Company)(1) and subsidiaries (collectively, the “Company”) announced net income for the first quarter of 2021 of
In addition, net income for the first quarter of 2021 included after-tax net realized investment earnings of
After-tax adjusted net operating income for the first quarter of 2021 was
For the first quarter of 2021, total life insurance in force increased by
(1) | Effective July 1, 2020, American National Group, Inc. was established as the parent company of American National Insurance Company under a stockholder-approved holding company reorganization. As a result of the reorganization, American National Group, Inc. replaced American National Insurance Company as the publicly held corporation. |
A reconciliation of adjusted net operating income, a non-GAAP measure, to GAAP net income is included in the following table.
American National Consolidated Financial Highlights | ||||||||||
(Preliminary & Unaudited in millions, except per share data) | ||||||||||
Quarters Ended March 31, | ||||||||||
2021 | 2020 | |||||||||
Net income (loss) (GAAP basis) | $ | 170.2 | $ | (220.4 | ) | |||||
Adjustments to eliminate the impact of: | ||||||||||
Unrealized gains (losses) on equity securities | $ | 76.4 | $ | (263.5 | ) | |||||
Net gains (losses) on equity securities sold | (0.6 | ) | 0.8 | |||||||
Net gains (losses) on equity securities | $ | 75.8 | $ | (262.7 | ) | |||||
Adjustments to eliminate the impact of: | ||||||||||
Net realized investment gains | $ | 15.2 | $ | 3.2 | ||||||
Change in estimated credit loss | (3.5 | ) | (38.2 | ) | ||||||
Equity in earnings of unconsolidated real estate joint ventures and other investments | 5.5 | 8.3 | ||||||||
Net income (loss) attributable to noncontrolling interest | 0.1 | (0.2 | ) | |||||||
Net realized investment earnings (losses) | $ | 17.1 | $ | (26.5 | ) | |||||
Adjusted net operating income(1) (non-GAAP basis)* | $ | 77.3 | $ | 68.8 | ||||||
Per diluted share | ||||||||||
Net income (loss) (GAAP basis) | $ | 6.33 | $ | (8.20 | ) | |||||
Net gains (losses) on equity securities | 2.82 | (9.77 | ) | |||||||
Net realized investment earnings (losses) | 0.64 | (0.99 | ) | |||||||
Adjusted net operating income(1) (non-GAAP basis)* | $ | 2.87 | $ | 2.56 | ||||||
Weighted average number of diluted shares upon which computations are based | 26,884,899 | 26,891,675 | ||||||||
As of | ||||||||||
March 31, 2021 | December 31, 2020 | |||||||||
Book value per diluted share | $ | 241.93 | $ | 240.20 |
* | This measure is non-GAAP because it is not based on accounting principles generally accepted in the United States. This non-GAAP measure is used by the Company to enhance comparability between periods and to eliminate the impact of certain items listed in footnote 1 below, which can fluctuate in a manner unrelated to core operations due to factors such as market volatility, interest rate changes and credit risk. In the opinion of the Company’s management, inclusion of this non-GAAP measure is meaningful to provide an understanding of the significant factors that comprise the Company’s periodic results of operations. | |
(1) | Adjusted net operating income excludes the after-tax impact of net gains (losses), both realized and unrealized, on equity securities and net realized investment earnings. Net realized investment earnings (losses) are comprised of realized investment gains on assets (excluding equity securities), changes in estimated credit loss, and earnings (losses) from our equity in earnings of unconsolidated real estate joint ventures and other investments and non-controlling interests. |
American National Group, Inc. is a family of companies that has, on a consolidated GAAP basis,
American National Insurance Company has been assigned an ‘A’ rating by A.M. Best Company and an ‘A’ rating by Standard & Poor’s, both of which are nationally recognized rating agencies, and is licensed to conduct the business of insurance in all states except New York.
For more information, including company news and investor relations information, visit the Company’s web site at www.AmericanNational.com.