american national insurance (ANAT) Key Developments
American National Insurance Receives Non-Compliance Notice From NASDAQ Stock Market
Jul 18 14
On July 15, 2014, American National Insurance Co. notified the NASDAQ Stock Market that an independent member of our Board of Directors, William L. Moody IV, died on July 14, 2014. As a result of his death, the company currently do not comply with the requirement of NASDAQ Listing Rule 5605(b)(1) that its Board of Directors be comprised of a majority of independent directors. The company expects to regain compliance with such rule prior to the expiration of the applicable cure period provided under Listing Rule 5605. On July 16, 2014, the company received a notification from the NASDAQ Stock Market confirming its noncompliance with Listing Rule 5605(b)(1) and confirming that the company will be provided a cure period until the earlier of its next annual stockholders’ meeting or July 14, 2015 in order to regain compliance.
American National Insurance Company Introduces a New Indexed Universal Life Policy with Multiple Indexed Strategies to Choose from - Signature Indexed Universal Life
Jun 26 14
American National Insurance Company announced a new product, Signature Indexed Universal Life Insurance (IUL) policy, available July 1, 2014. This innovative life product provides Death Benefit protection and three Indexed Crediting Strategies along with a fixed account strategy for clients to choose from. Signature IUL can provide the opportunity to earn interest based upon the performance of the S&P 500(R) Index without the client being directly invested in the Index. Therefore, the accumulation value will never decrease based on the fluctuations of the S&P 500(R) Index as all three of the indexed interest crediting strategies have a built--in floor. One of the Indexed Strategies currently has a declared floor of 1.5% so that strategy can earn interest even in the event of a decrease in the market. Signature IUL will provide clients the permanent protection their families need with the opportunity to increase accumulation value for future emergencies, college education or supplemental retirement income. The Signature IUL has multiple uses while providing family protection. This product also includes, at no additional premium, three Living Benefits covering 16 critical illnesses as well as chronic and terminal illness in the form of Accelerated Benefit Riders. In the event of a qualifying illness, the policy owner may choose between partial or full death benefit acceleration. In order to accelerate the death benefit, the benefit is reduced by an actuarial discount in addition to a small administrative fee (up to $500).
American National Insurance Co. Elects E. J. Jere Pederson as Director and to the Board's Audit Committee, Compensation Committee and Nominating Committee
May 1 14
American National Insurance Co. announced that its Annual Meeting of Stockholders held on April 25, 2014, elected E. J. Jere Pederson as Director of the company, to serve until the next Annual Meeting of Stockholders. Following the Annual Meeting, the Board of Directors elected Mr. Pederson to serve on the Board's Audit Committee, Compensation Committee and Nominating Committee.
American National Insurance Co. Declares Quarterly Dividend, Payable June 20, 2014
Apr 25 14
American National Insurance Co.'s board of directors declared a quarterly dividend of 77 cents per share on its common stock, CUSIP #028591-105, at its April 25, 2014 board meeting. The dividend is payable June 20, 2014 to shareholders of record as of the close of business on June 6, 2014 with an ex-dividend date to be determined by the NASDAQ Stock Market, anticipated to be June 4, 2014.
American National Insurance Co. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014
Apr 23 14
American National Insurance Co. reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $52,878,000 or $1.96 per diluted share compared to net income of $59,971,000 or $2.23 per diluted share for the same period in 2013. After-tax operating income was $36,425,000 or $1.35 per diluted share, as compared with $33,652,000 or $1.25 per diluted share for the same period in 2013. 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 after-tax. The realized investment earnings were $16,453,000 as compared with $26,319,000 for the same period in 2013. The decrease in net income is primarily attributable to a non-recurring tax benefit recognized in the first quarter of 2013. Total revenues increased to $772.4 million compared to $745 million a year ago, a $27.4 million or 3.7% increase over the first quarter in 2013. Book value per diluted share increased to $158.17 at March 31, 2014 from $155.70 at December 31, 2013. Diluted realized investment earnings per share were $0.61 compared to $0.98 a year ago.