A Message from David A Behrens | | | A message from Senior Management at American National Insurance Company: | Standard & Poor's announced a downgrade in their rating for the American National Insurance Group of Companies. We do not feel that this reflects the true financial strength of our company. | American National Insurance Company has maintained a substantial capital position, with $3.5 billion in stockholders equity, assets of $20.6 billion and liabilities of $17.1 billion (all amounts are based on GAAP reporting and are as of June 30, 2010). The company's ratio of equity to liabilities is considerably stronger than most insurance companies and, in particular, is significantly greater than many companies more highly rated by Standard & Poor's. Standard &Poor's rating action focused heavily on the Property and Casualty (P&C) operations of the company, which have been impacted by a number of large catastrophic events over the last several years. While the P&C operations have become a core operation of the company n recent years, the life and annuity operations remain the key focus of American National and those operations have had a substantial improvement in performance over recent periods. The P&C operations, on their own, have shown a dramatic turnaround in recent quarters as a result of management actions. We do not believe this has been given the recognition it deserves by Standard & Poor's in their decision regarding this downgrade. An important part of the corporate operations of the American National Group of Companies is a long term view on operational performance. Accordingly, management has the opportunity to focus beyond single quarter results. This focus on long term earnings trends has allowed the company to prosper over the last 105 years. This long term, conservative focus is not appropriately reflected by the Standard & Poor's evaluation process. Stakeholders, policyholders, shareholders, agents and employees should feel confident that American National is a financially strong organization that is postured to be a key player in the life, annuity and property and casualty insurance arenas for many years into the future. | | 
| ANICO S&P Ratings | David A Behrens, CLU, ChFC, LLIF, LUTCF
Executive Vice President American National Insurance Co.
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