GALVESTON, TX — American National Insurance Company (Nasdaq: ANAT) announced stronger first quarter 2017 net income of $39.8 million or $1.48 per diluted share, a 35.9% increase over the same period 2016 net income of $29.3 million or $1.09 per diluted share. Book value per diluted share increased to $175.34 at March 31, 2017 from $172.51 at December 31, 2016.
First quarter after-tax operating income of $28.3 million increased $4.0 million over the same period 2016 operating income of $24.3 million, which included a non-recurring federal income tax benefit of $10.1 million. First quarter earnings were $1.05 per diluted share in 2017 compared to $0.90 per diluted share in 2016. First quarter earnings increased for the life and annuity segments compared to the same period in 2016. Property and casualty results were negatively impacted by increased catastrophe losses, particularly those associated with severe storms occurring in March, which impacted the homeowner and agribusiness lines.
After-tax operating income excludes realized investment earnings, which is comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income from non-controlling interests. Realized investment earnings for first quarter 2017 were $11.5 million or $0.43 per diluted share compared to $5.0 million or $0.19 per diluted share in 2016.
Life insurance in force continued to grow, increasing by $1.4 billion, to reach $97.0 billion as of March 31, 2017. At March 31, 2017, stockholders’ equity totaled $4.7 billion, a 1.7% increase from December 31, 2016.
