American National Insurance Company reported net income of $34.9 million, or $1.31 per diluted share, for the fourth quarter of 2009. This compared to a loss of $65.0 million, or $2.46 per diluted share, in the same quarter of 2008.
American National Insurance Company said that last year’s loss was caused by “other-than-temporary impairments” in its investment portfolio and catastrophe losses in the Property and Casualty Segment.
American National Insurance Company benefited from a strong recovery in the financial markets, and reported $20.2 billion in total assets at December 31, 2009, a 9.6% increase from 2008. The company’s book value per share also increased from $118.35 at the end of 2008 to $130.29 at December 31, 2009.
American National Insurance Company sells a wide variety of insurance products including life insurance, annuities, health insurance, and property and casualty insurance. The company operates under several brand names including American National, Farm Family Life Insurance, Garden State Life Insurance, and Standard Life and Accident Insurance.
American National Insurance Company is headquartered in Galveston, Texas, and is rated A by A.M. Best Company, and AA- by Standard & Poor’s.