The American National Insurance Company has reported that its first quarter 2008 net income was $39.03 million, or $1.46 per diluted share compared to $49.20 million, or $1.85 per diluted share for the same period in 2007.
After-tax net gain from operations for the quarter was $42.66 million or $1.60 per diluted share as against $50.78 million, or $1.91 per diluted share for the same quarter in 2007. After tax net gain from operations excludes after tax net realized investment gains and losses.
After-tax net realized investment losses were $3.63 million, or $0.14 per diluted share for the quarter as compared with the losses of $1.58 million, or $0.06 per diluted share for the corresponding period in 2007. The losses for both years were primarily the result of other-than-temporary impairments on investments in common stock.
Total revenue for period declined to $726.44 million from $747.67 million reported for the comparable quarter of 2007. Total assets increased 2% in the first quarter, reaching a total of $18.89 billion.