American National Insurance First-Quarter Net Drops, but Revenues Rise as Life Policies Grow
April 23, 2014 by Marie Suszynski
GALVESTON, Texas – American National Insurance Co. posted a drop in first-quarter net income despite a 3.7% rise in revenues for the first quarter as sales for recurring premium life policies were up.
Net income fell to $52.9 million due to a nonrecurring tax benefit recognized during the first quarter of 2013.
Revenues grew 3.7% to $772.4 million from $745 million a year ago. Sales for recurring premium life policies were up 3.7%, the company said in a statement.
American National includes a family of companies that operates in all 50 states and offers life insurance, annuities, health insurance, credit insurance, pension products and property/casualty insurance for personal lines, agribusiness and targeted commercial exposures.
Subsidiaries of American National Insurance Co. have a current Best’s Financial Strength Rating of A (Excellent), except ANPAC Louisiana Insurance Co., which is rated A- (Excellent).
(By Marie Suszynski, Best’s News Service correspondent)
