American National Insurance Co. reported year over year increases in net income and revenue in 2010, as the company saw an improvement in business and a recovery from a decline in its investment portfolio. The company also saw an increase in diluted book value per share compared to last year.
American National Insurance reported net income of $144 million, or $5.44 per diluted share in 2010, compared to net income of $15.6 million, or $0.59 per diluted share in 2009. The company said revenues in 2010 increased by 4% over 2009.
American National Insurance saw a rebound in business in its life insurance, annuity and health insurance segments in 2010, but a $27 million decline in operating income in its Property and Casualty segment due to higher catastrophe losses.
The increase in net income was also due to a large decline in other-than-temporary impairments of investments in marketable securities, due to a recovery in the value of the investment portfolio.
American National Insurance reported a book value of $136.77 per diluted share at the end of 2010, compared to a book value of $130.29 per diluted share at the close of 2009.
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