American National Insurance has reported that its first quarter 2012 net income declined almost by $2m to $45m ($1.69 per diluted share) compared to net income of $47m ($1.78 per diluted share) during the same period in 2011.
According to the financial result, its first quarter after tax operating income, which excludes after tax net realized investment gains, increased to $40m ($1.52 per diluted share), as compared with $33m ($1.24 per diluted share) during the corresponding quarter of 2011.
For the quarter ended on 31 March 2011, its after tax net realized investment gains were $4m ($0.17 per diluted share) against with the net realized gains of $14m ($0.54 per diluted share) during the first quarter of last fiscal.
The marginal growth in after tax operating income is backed by increased earnings in the property and casualty segment.
Property and casualty after tax income stood at $16.5m for the first quarter of 2012 against after tax income of $8.2m during the same period previous year.
As of 31 March 2012, its total assets rose by 1.1% to $22.7bn, compared to the fourth quarter of 2011.