GALVESTON, TX — American National Insurance Company (Nasdaq: ANAT) announced a 23.6% increase in third quarter net income to $73.3 million or $2.72 per diluted share, from net income for the same period of 2016 of $59.3 million or $2.20 per diluted share. Book value per diluted share increased to $180.79 at September 30, 2017, a 4.8% increase from $172.51 at December 31, 2016.
Third quarter after-tax operating income, which excludes realized investment earnings, increased to $42.3 million or $1.57 per diluted share compared to $27.3 million or $1.01 per diluted share for the same period of 2016. Third quarter earnings increased in all insurance segments compared to the same period in 2016. Life earnings improved due to increased premiums and lower policyholder benefit payments. Operating earnings from our property and casualty insurance segment increased, despite significant catastrophic weather activity during the quarter, as a result of increased premiums and improved performance of our personal and commercial lines of business.
After-tax realized investment earnings for the third quarter of 2017 were comparable with the prior year at $31.0 million or $1.15 per diluted share compared to $31.9 million or $1.19 per diluted share for the same period in 2016. Realized investment earnings are comprised of realized investment gains, equity in earnings of unconsolidated affiliates and income from non-controlling interests.
Net income for the nine months ended September 30, 2017 was $149.1 million, an increase of 23.0% from the same period of 2016, due to higher operating income, including investment income on a larger asset base, and higher realized investment earnings. Life insurance in force continued to grow, surpassing the $100 billion milestone. Stockholders’ equity totaled $4.9 billion at September 30, 2017, a 4.8% increase from December 31, 2016.
