American National offers broad insurance and financial products through a network of agents in all 50 states. American National provides a wide range of insurance services, directly or through its subsidiaries, including life insurance, annuities, life and death insurance, health insurance, disability insurance and pension insurance. The offer includes life, death and disability insurance for individuals and families, as well as pension and life insurance for companies.
The company has a number of unique product offerings and discounts, including combined deductibles for policies that are covered by the American National Insurance. American National, through its subsidiaries, provides a broad range of life, death and disability insurance policies for individuals and families, life and death insurance, pension and health insurance, and has a network of offices in all 50 states, as well as the District of Columbia and Puerto Rico.
The company has also weathered numerous recessions in its 114-year history and appears to have effectively maintained financial stability while achieving growth. The company's strong balance sheet and financial performance indicate that it is taking less risk in repaying debt, has enough assets to cover its debt if needed, and may be working to reduce its liabilities. American National's ability to meet financial obligations and continue growth is consistent with its long-term financial outlook.
The total assets of the company reached $28.5 billion as of June 30, 2018, with $5 billion in paid policies and $1.6 billion in assets under management. This means that 79% of its assets are financed by debt, up from 80% in 2018. Assets surpassed $4 billion for the first time in its 114-year history, while life insurance rose nearly 20 percent to more than $37 billion.
From 1905 to 1910, the American National Insurance level rose considerably, from 2.1 million to 22 million, and from 1910 to 1959 to 5 billion dollars. The company paid its first dividend in 1911 and continued to thrive in Northen, but its growth was also driven by a spate of acquisitions. By 1928, the company had acquired 27 other insurance companies and employed 500 people in its home office. In 1986, total assets climbed above $3 billion, and by 1987, the insurance force had grown to more than $25 billion, according to the annual report.
The number of employees in the Home Office grew to 70, while the total number of American National sales representatives was more than 700. By the end of the decade, the field office, which included offices in New York, New Jersey, Pennsylvania, Texas, Florida and California, had grown to more than 1,000 employees.
To accommodate the growing workforce, American National moved to a new 11-story office building in Galveston, which initially took up two floors, and began construction of a second office on the second floor of the new building, on the corner of Main Street and Texas Avenue.
In 1967 and 1968, American National was also licensed to operate in Western Europe and expanded its activities to the United States. In 1973 and 1974, it also expanded its activities in New York and acquired full control of Trans World Life.
In December 1967, American National acquired a majority stake in New Jersey, the only state where it did not yet have a license to operate. The following year, Trans World Life, a Texas life insurance company specializing in direct insurance for the insurance industry in the United States, was acquired by Trans World Life. In 1989, it expanded its distribution channels by paying $41.1 million to acquire New York Life Insurance Company (NYLIC), a direct insurance company based in New Jersey. By 1990, American National had also acquired Texas Life Insurance, which was licensed in 31 states, and a subsidiary in Texas.
Two years later, R.A. Forbush took over the company's assets, which had grown to more than $1 billion. American National entered the savings and loan business by acquiring SM & R and acquiring a majority stake in the Los Angeles-based holding company American Savings & Loan Corporation (ASLC).
Under the leadership of Forbush and Volger, American National made a series of acquisitions and expansion moves to expand its operations, and these helped to boost revenue. By 1936, the company's insurance sales had picked up, and by 1968 it had insurance assets worth $10 billion. Over the same period, the company's insurance strength had declined, but acquisitions, expansion and relocations helped boost revenue. By the end of the 1950 "s, American National had assets of $82 million, with insurance paying a total of $777 million.
Net profit rose from $40 million to $168 million this year, while revenue rose by just over 10 percent from about $1.3 billion to more than $1.1 billion.
The company joined other companies in the hospital and credit insurance sectors in the early 1990s. Sales were driven up by the expansion of the company's health insurance business to the Houston and Dallas-Fort Worth area in the late 1980s and early 1990s. After moving to a new office in Midtown County on the corner of Interstate 35 and US 281 in Houston in the mid-1990s, the company planned to continue its expansion efforts in other parts of Texas, such as Houston and Austin.