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Company: American National Insurance Company (ANAT)
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  Exposure to the Real Estate Market, but it has no direct exposure to sub-prime mortgage.

ANAT has a lot of investment tied to the real estate market, but it has no direct exposure to sub-prime mortgage. Needless to say, some of its investments bought/sold may contain at risk assets. Further, its 2006 income grew heavily due to the fact that it had disposed of real estate and mortgage loan payoffs during the peak of the mortgage crisis.

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