American national announces first quarter 2021 results

Galveston, tx., may 03, 2021 (globe newswire) -- american national group, inc. (nasdaq: anat) (formerly american national insurance company)(1) and subsidiaries (collectively, the “company”) announced net income for the first quarter of 2021 of $170.2 million or $6.33 per diluted share, compared to a net loss of $220.4 million or $8.20 loss per diluted share for the same period in 2020. the increase in net income for the first quarter of 2021 was primarily attributable to an increase in the value of the company's equity security portfolio during the first quarter of 2021 which generated after-tax net gains of $75.8 million or $2.82 per diluted share, compared to a loss on equity securities of $262.7 million or $9.77 loss per diluted share for the same period in 2020. the after-tax net loss on equity securities in the first quarter of 2020 was driven by the negative impact in financial markets associated with covid-19.
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