ANG-PD 8-K
American National Group Inc. (ANG-PD)
8-K
2025-10-07
For: 2025-10-01
View Original
Added on
April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 2025
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction
of incorporation) |
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(Commission File Number)
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(IRS Employer
Identification No.) |
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(Address of principal executive offices and zip code)
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(888 ) 221-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
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Name of each
exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.01
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Completion of Acquisition or Disposition of Assets.
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On October 1, 2025, American National Group Inc. (the “Company”) completed the transfer of its property and casualty subsidiaries, American National
Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company (collectively, the “P&C Subsidiaries”) to Argo Group International Holdings, Inc. (“Argo”).
The Company currently expects to receive a capital contribution (the “Expected Capital Contribution”), and the Company intends to use the proceeds
thereof to repay outstanding term loans with the objective of keeping the transfer of the P&C Subsidiaries to Argo leverage neutral to the Company.
Argo and the Company are both wholly-owned subsidiaries of Brookfield Wealth Solutions Ltd.
This Current Report on Form 8-K contains forward-looking statements that are based on current expectations of management of the Company. Such statements
include expectations about the Expected Capital Contribution, including the impact therefrom. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
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Item 9.01
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Financial Statements and Exhibits.
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(b) Pro forma financial information
Unaudited pro forma financial information of the Company required pursuant to Article 11 of Regulation S-X is attached hereto as Exhibit 99.1
and is incorporated by reference herein.
(d) Exhibits
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Exhibit
No. |
Description
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
| AMERICAN
NATIONAL GROUP INC. |
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Date: October 7, 2025
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By:
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/s/ Timothy A. Walsh |
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| Timothy A. Walsh |
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| President and Chief Executive Officer |
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Exhibit 99.1
American National Group Inc. and Subsidiaries
Unaudited Pro Forma Condensed Consolidated Financial Statements
The following unaudited pro forma condensed consolidated financial statements of American National Group Inc. (the "Company") are presented to reflect the effect of the disposition
of its existing property and casualty subsidiaries, American National Property And Casualty Company and its subsidiaries (“ANPAC”), United Farm Family Insurance Company (“UFFIC”) and Farm Family Casualty Insurance Company and its subsidiaries
(“FFCIC” and, together with ANPAC and UFFIC, collectively, the “P&C Subsidiaries”) on October 1, 2025 (the "Disposition"). The unaudited pro forma financial statements should be read in conjunction with the Company’s consolidated financial
statements and notes presented in the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2025 and the Company’s 2024 Annual Report on Form 10-K for the year ended December 31, 2024.
The unaudited pro forma Condensed Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024 are based on the previously reported financial statements of
the Company after including the impact of the Disposition as if it had occurred on those respective dates. The unaudited pro forma Condensed Consolidated Statements of Operations for the six months ended June 30, 2025, year ended December 31, 2024
and year ended December 31, 2023 are based on the previously reported financial statements of the Company after including the impact of the Disposition as if it had occurred on those respective dates.
The unaudited pro forma consolidated financial statements are provided for informational purposes only and do not represent the actual results of operations or the financial position
of the Company, nor is it indicative of the Company’s future operating results or financial position. The pro forma adjustments reflected in the accompanying unaudited pro forma condensed consolidated financial information reflect estimates and
assumptions that the Company’s management believes to be reasonable. As a result, the actual results reported by the Company in periods following the Disposition may differ materially from this unaudited pro forma condensed consolidated financial
information.
The Company currently expects to receive a capital contribution subsequent to the Disposition, and the Company intends to use the proceeds thereof to repay outstanding term loans
with the objective of keeping the Disposition leverage neutral to the Company. The pro forma adjustments reflected in the accompanying unaudited pro forma condensed consolidated financial information solely relate to the impact of the Disposition
and do not reflect impacts from the expected capital contribution or the anticipated repayment of outstanding term loans.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2025
(Dollars in millions, except share and per share data)
(Unaudited)
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As Reported
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Disposition Adjustments
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Notes |
Pro Forma
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Assets
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||||||||||||||||
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Investments:
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||||||||||||||||
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Available-for-sale fixed maturity securities, at fair value, net of allowance for credit losses (amortized cost of $48,260 and $46,791, respectively)
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$
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48,931
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$
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(1,447
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)
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A |
$
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47,484
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Equity securities, at fair value
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1,238
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(643
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)
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A |
595
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Mortgage loans on real estate, at amortized cost, net of allowance for credit losses
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11,254
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(122
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A |
11,132
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Private loans, at amortized cost, net of allowance for credit loss
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8,120
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(50
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)
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A |
8,070
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Real estate and real estate partnerships, net of accumulated depreciation
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5,944
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(354
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)
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A |
5,590
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Investment funds
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3,038
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(3
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)
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A |
3,035
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Policy loans
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257
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257
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Short-term investments, at estimated fair value
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4,067
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4,067
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Other invested assets
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1,999
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(8
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)
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A |
1,991
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Total investments
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84,848
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(2,627
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)
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82,221
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Cash and cash equivalents
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12,104
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(491
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)
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A |
11,613
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Accrued investment income
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735
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(15
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A |
720
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Deferred policy acquisition costs, deferred sales inducements and value of business acquired
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11,051
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(113
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)
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A |
10,938
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Premiums due and other receivables
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463
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(423
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)
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A |
40
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Ceded unearned premiums
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173
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(151
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)
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A |
22
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Deferred tax asset
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471
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(20
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A |
451
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Reinsurance recoverables and deposit assets
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9,835
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(267
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)
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A |
9,568
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Property and equipment, net of accumulated depreciation
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167
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(20
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A |
147
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Intangible assets, net of accumulated amortization
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1,557
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(19
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A |
1,538
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Goodwill
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783
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(35
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A |
748
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Other assets
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2,836
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(81
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A |
2,755
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Separate account assets
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1,322
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1,322
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Total assets
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$
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126,345
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$
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(4,262
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$
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122,083
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Liabilities
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Future policy benefits
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$
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10,029
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$
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10,029
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Policyholders’ account balances
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86,934
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86,934
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Policy and contract claims
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1,910
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(1,548
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A |
362
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Market risk benefits
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4,227
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4,227
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Unearned premium reserve
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869
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(838
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)
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A |
31
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Due to related parties
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72
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4
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A |
76
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Other policyholder funds
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397
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(6
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)
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A |
391
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Notes payable
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200
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200
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Long term borrowings
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2,953
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2,953
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Funds withheld for reinsurance liabilities
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3,171
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3,171
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Other liabilities
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4,044
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(174
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A |
3,870
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Separate account liabilities
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1,322
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1,322
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Total liabilities
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$
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116,128
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$
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(2,562
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)
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$
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113,566
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Equity
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Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 12,000 shares
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$ |
296
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$
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296
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Preferred stock, Series D; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 12,000 shares
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292
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292
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Additional paid-in capital
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7,547
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(1,694
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)
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A |
5,853
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Accumulated other comprehensive income, net of taxes
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664
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15
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A |
679
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Retained earnings
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1,283
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(21
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)
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B |
1,262
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Non-controlling interests
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135
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135
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Total equity
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10,217
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(1,700
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)
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8,517
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Total liabilities and equity
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$
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126,345
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$
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(4,262
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)
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$
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122,083
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See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2024
(Dollars in millions, except share and per share data)
(Unaudited)
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As Reported
|
Disposition Adjustments
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Notes |
Pro Forma
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||||||||||||
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Assets
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||||||||||||||||
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Investments:
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||||||||||||||||
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Available-for-sale fixed maturity securities, at fair value, net of allowance for credit losses (amortized cost of $47,127 and $45,373, respectively)
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$
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47,292
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$
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(1,701
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)
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A |
$
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45,591
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||||||||
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Equity securities, at fair value
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1,142
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(531
|
)
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A |
611
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|||||||||||
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Mortgage loans on real estate, at amortized cost, net of allowance for credit losses
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12,117
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(131
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)
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A |
11,986
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|||||||||||
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Private loans, at amortized cost, net of allowance for credit loss
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5,732
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(85
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)
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A |
5,647
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|||||||||||
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Real estate and real estate partnerships, net of accumulated depreciation
|
4,992
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(358
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)
|
A |
4,634
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|||||||||||
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Investment funds
|
3,015
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(3
|
)
|
A |
3,012
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|||||||||||
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Policy loans
|
274
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|
274
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|||||||||||||
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Short-term investments, at estimated fair value
|
4,177
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|
4,177
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|||||||||||||
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Other invested assets
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2,014
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(7
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)
|
A |
2,007
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|||||||||||
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Total investments
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80,755
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(2,816
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)
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77,939
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||||||||||||
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Cash and cash equivalents
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11,330
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(463
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)
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A |
10,867
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|||||||||||
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Accrued investment income
|
761
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(25
|
)
|
A |
736
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|||||||||||
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Deferred policy acquisition costs, deferred sales inducements and value of business acquired
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10,631
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(127
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)
|
A |
10,504
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|||||||||||
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Premiums due and other receivables
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437
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(424
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)
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A |
13
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|||||||||||
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Ceded unearned premiums
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132
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(147
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)
|
A |
(15
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)
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||||||||||
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Deferred tax asset
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529
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(36
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)
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A |
493
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|||||||||||
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Reinsurance recoverables and deposit assets
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10,055
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(193
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)
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A |
9,862
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|||||||||||
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Property and equipment, net of accumulated depreciation
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175
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(21
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)
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A |
154
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|||||||||||
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Intangible assets, net of accumulated amortization
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1,545
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(19
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)
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A |
1,526
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|||||||||||
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Goodwill
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783
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(35
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)
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A |
748
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|||||||||||
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Other assets
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2,745
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(128
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)
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A |
2,617
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|||||||||||
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Separate account assets
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1,343
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|
1,343
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|||||||||||||
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Total assets
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$
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121,221
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$
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(4,434
|
)
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$
|
116,787
|
|||||||||
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Liabilities
|
||||||||||||||||
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Future policy benefits
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$
|
9,170
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$
|
|
$
|
9,170
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||||||||||
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Policyholders’ account balances
|
83,079
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|
83,079
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|||||||||||||
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Policy and contract claims
|
1,867
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(1,471
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)
|
A |
396
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|||||||||||
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Market risk benefits
|
3,655
|
|
|
3,655
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||||||||||||
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Unearned premium reserve
|
1,044
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(1,016
|
)
|
A |
28
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|||||||||||
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Due to related parties
|
80
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(3
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)
|
A |
77
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|||||||||||
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Other policyholder funds
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347
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(7
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)
|
A |
340
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|||||||||||
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Notes payable
|
189
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|
189
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|||||||||||||
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Long term borrowings
|
2,957
|
|
2,957
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|||||||||||||
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Funds withheld for reinsurance liabilities
|
3,321
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|
3,321
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|||||||||||||
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Other liabilities
|
4,141
|
(251
|
)
|
A |
3,890
|
|||||||||||
|
Separate account liabilities
|
1,343
|
|
1,343
|
|||||||||||||
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Total liabilities
|
$
|
111,193
|
$
|
(2,748
|
)
|
$
|
108,445
|
|||||||||
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Equity
|
||||||||||||||||
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Preferred stock, Series A; par value $1 per share; $25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 16,000 shares
|
$
|
389
|
$
|
|
$
|
389
|
||||||||||
|
Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 12,000 shares
|
296
|
|
296
|
|||||||||||||
|
Additional paid-in capital
|
7,569
|
(1,693
|
)
|
A |
5,876
|
|||||||||||
|
Accumulated other comprehensive income, net of taxes
|
340
|
43
|
A |
383
|
||||||||||||
|
Retained earnings
|
1,356
|
(36
|
)
|
C |
1,320
|
|||||||||||
|
Non-controlling interests
|
78
|
|
78
|
|||||||||||||
|
Total equity
|
10,028
|
(1,686
|
)
|
8,342
|
||||||||||||
|
Total liabilities and equity
|
$
|
121,221
|
$
|
(4,434
|
)
|
$
|
116,787
|
|||||||||
See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025
(Dollars in millions)
(Unaudited)
|
As Reported
|
Disposition Adjustments
|
|
Notes |
Pro Forma
|
||||||||||||
|
Net premiums
|
$
|
1,641
|
$
|
(829
|
)
|
D |
$
|
812
|
||||||||
|
Other policy revenue
|
321
|
321
|
||||||||||||||
|
Net investment income
|
2,435
|
(45
|
)
|
D |
2,390
|
|||||||||||
|
Investment related gains (losses)
|
69
|
(68
|
)
|
D |
1
|
|||||||||||
|
Other income (loss)
|
59
|
(5
|
)
|
D |
54
|
|||||||||||
|
Total revenues
|
4,525
|
(947
|
)
|
3,578
|
||||||||||||
|
Policyholder benefits and claims incurred
|
1,716
|
(604
|
)
|
D |
1,112
|
|||||||||||
|
Interest sensitive contract benefits
|
997
|
997
|
||||||||||||||
|
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired
|
650
|
(166
|
)
|
D |
484
|
|||||||||||
|
Change in fair value of insurance-related derivatives and embedded derivatives
|
330
|
330
|
||||||||||||||
|
Change in fair value of market risk benefits
|
314
|
314
|
||||||||||||||
|
Operating expenses
|
491
|
(100
|
)
|
D |
391
|
|||||||||||
|
Interest expense
|
93
|
93
|
||||||||||||||
|
Total benefits and expenses
|
4,591
|
(870
|
)
|
3,721
|
||||||||||||
|
Net income (loss) before income taxes
|
(66
|
)
|
(77
|
)
|
(143
|
)
|
||||||||||
|
Income tax expense (benefit)
|
(17
|
)
|
(16
|
)
|
D |
(33
|
)
|
|||||||||
|
Net income (loss)
|
(49
|
)
|
(61
|
)
|
(110
|
)
|
||||||||||
|
Less: Net income (loss) attributable to noncontrolling interests
|
5
|
5
|
||||||||||||||
|
Net income (loss) attributable to American National Group Inc. stockholders
|
(54
|
)
|
(61
|
)
|
(115
|
)
|
||||||||||
|
Less: Preferred stock dividends and redemption
|
41
|
41
|
||||||||||||||
|
Net income (loss) attributable to American National Group Inc. common stockholder
|
$
|
(95
|
)
|
$
|
(61
|
)
|
$
|
(156
|
)
|
|||||||
See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2024
(Dollars in millions)
(Unaudited)
|
As Reported
|
Disposition Adjustments
|
|
Notes |
Pro Forma
|
||||||||||||
|
Net premiums
|
$
|
5,519
|
$
|
(1,840
|
)
|
D |
$
|
3,679
|
||||||||
|
Other policy revenue
|
657
|
|
657
|
|||||||||||||
|
Net investment income
|
3,628
|
(147
|
)
|
D |
3,481
|
|||||||||||
|
Investment related gains (losses)
|
(346
|
)
|
19
|
D |
(327
|
)
|
||||||||||
|
Other income (loss)
|
45
|
(10
|
)
|
D
|
35
|
|||||||||||
|
Total revenues
|
9,503
|
(1,978
|
)
|
7,525
|
||||||||||||
|
Policyholder benefits and claims incurred
|
5,361
|
(1,313
|
)
|
D |
4,048
|
|||||||||||
|
Interest sensitive contract benefits
|
1,745
|
1,745
|
||||||||||||||
|
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired
|
939
|
(352
|
)
|
D |
587
|
|||||||||||
|
Change in fair value of insurance-related derivatives and embedded derivatives
|
(94
|
)
|
(94
|
)
|
||||||||||||
|
Change in fair value of market risk benefits
|
(3
|
)
|
(3
|
)
|
||||||||||||
|
Operating expenses
|
880
|
(179
|
)
|
D |
701
|
|||||||||||
|
Interest expense
|
165
|
165
|
||||||||||||||
|
Total benefits and expenses
|
8,993
|
(1,844
|
)
|
7,149
|
||||||||||||
|
Net income (loss) before income taxes
|
510
|
(134
|
)
|
376
|
||||||||||||
|
Income tax expense (benefit)
|
(170
|
)
|
(28
|
)
|
D
|
(198
|
)
|
|||||||||
|
Net income (loss)
|
680
|
(106
|
)
|
574
|
||||||||||||
|
Less: Net income (loss) attributable to noncontrolling interests
|
(49
|
)
|
(49
|
)
|
||||||||||||
|
Net income (loss) attributable to American National Group Inc. stockholders
|
729
|
(106
|
)
|
623
|
||||||||||||
|
Less: Preferred stock dividends and redemption
|
33
|
33
|
||||||||||||||
|
Net income (loss) attributable to American National Group Inc. common stockholder
|
$
|
696
|
$
|
(106
|
)
|
$
|
590
|
|||||||||
See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
(Dollars in millions)
(Unaudited)
|
As Reported
|
Disposition Adjustments
|
|
Notes |
Pro Forma
|
||||||||||||
|
Net premiums
|
$
|
3,521
|
$
|
(1,852
|
)
|
D |
$
|
1,669
|
||||||||
|
Other policy revenue
|
414
|
414
|
||||||||||||||
|
Net investment income
|
1,388
|
(148
|
)
|
D |
1,240
|
|||||||||||
|
Investment related gains (losses)
|
(1
|
)
|
(29
|
)
|
D |
(30
|
)
|
|||||||||
|
Other income (loss)
|
83
|
(9
|
)
|
D
|
74
|
|||||||||||
|
Total revenues
|
5,405
|
(2,038
|
)
|
3,367
|
||||||||||||
|
Policyholder benefits and claims incurred
|
3,289
|
(1,434
|
)
|
D |
1,855
|
|||||||||||
|
Interest sensitive contract benefits
|
480
|
480
|
||||||||||||||
|
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired
|
525
|
(413
|
)
|
D |
112
|
|||||||||||
|
Change in fair value of insurance-related derivatives and embedded derivatives
|
36
|
36
|
||||||||||||||
|
Change in fair value of market risk benefits
|
(69
|
)
|
(69
|
)
|
||||||||||||
|
Operating expenses
|
601
|
(170
|
)
|
D |
431
|
|||||||||||
|
Interest expense
|
99
|
99
|
||||||||||||||
|
Total benefits and expenses
|
4,961
|
(2,017
|
)
|
2,944
|
||||||||||||
|
Net income (loss) before income taxes
|
444
|
(21
|
)
|
423
|
||||||||||||
|
Income tax expense (benefit)
|
47
|
(4
|
)
|
D
|
43
|
|||||||||||
|
Net income (loss)
|
397
|
(17
|
)
|
380
|
||||||||||||
|
Less: Net income (loss) attributable to noncontrolling interests
|
5
|
5
|
||||||||||||||
|
Net income (loss) attributable to American National Group Inc. stockholders
|
392
|
(17
|
)
|
375
|
||||||||||||
|
Less: Preferred stock dividends and redemption
|
-
|
-
|
||||||||||||||
|
Net income (loss) attributable to American National Group Inc. common stockholder
|
$
|
392
|
$
|
(17
|
)
|
$
|
375
|
|||||||||
See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2025
(Dollars in millions)
(Unaudited)
|
As Reported
|
Disposition Adjustments
|
|
Notes |
Pro Forma
|
||||||||||||
|
Net income (loss)
|
$
|
(49
|
)
|
$
|
(61
|
)
|
D |
$
|
(110
|
)
|
||||||
|
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
|
Change in net unrealized investment gains (losses)
|
315
|
(21
|
)
|
E |
294
|
|||||||||||
|
Foreign currency translation
|
119
|
(7
|
)
|
E |
112
|
|||||||||||
|
Change in discount rate for future policy benefits
|
(76
|
)
|
(76
|
)
|
||||||||||||
|
Change in instrument-specific credit risk for market risk benefits
|
(29
|
)
|
(29
|
)
|
||||||||||||
|
Defined benefit pension plan adjustment
|
(5
|
)
|
(5
|
)
|
||||||||||||
|
Total other comprehensive income (loss)
|
324
|
(28
|
)
|
296
|
||||||||||||
|
Comprehensive income
|
275
|
(89
|
)
|
186
|
||||||||||||
|
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
5
|
5
|
||||||||||||||
|
Comprehensive income attributable to American National Group Inc.
|
$
|
270
|
$
|
(89
|
)
|
$
|
181
|
|||||||||
See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2024
(Dollars in millions)
(Unaudited)
|
As Reported
|
Disposition Adjustments
|
|
Notes |
Pro Forma
|
||||||||||||
|
Net income (loss)
|
$
|
680
|
$
|
(106
|
)
|
D |
$
|
574
|
||||||||
|
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
|
Change in net unrealized investment gains (losses)
|
476
|
(5
|
)
|
E |
471
|
|||||||||||
|
Foreign currency translation
|
(28
|
)
|
5
|
E |
(23
|
)
|
||||||||||
|
Change in discount rate for future policy benefits
|
174
|
174
|
||||||||||||||
|
Change in instrument-specific credit risk for market risk benefits
|
(197
|
)
|
(197
|
)
|
||||||||||||
|
Defined benefit pension plan adjustment
|
18
|
(2
|
)
|
E |
16
|
|||||||||||
|
Total other comprehensive income (loss)
|
443
|
(2
|
)
|
441
|
||||||||||||
|
Comprehensive income
|
1,123
|
(108
|
)
|
1,015
|
||||||||||||
|
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
(49
|
)
|
(49
|
)
|
||||||||||||
|
Comprehensive income attributable to American National Group Inc.
|
$
|
1,172
|
$
|
(108
|
)
|
$
|
1,064
|
|||||||||
See notes to unaudited pro forma condensed consolidated financial information.
AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2023
(Dollars in millions)
(Unaudited)
|
As Reported
|
Disposition Adjustments
|
|
Notes |
Pro Forma
|
||||||||||||
|
Net income (loss)
|
$
|
397
|
$
|
(17
|
)
|
D |
$
|
380
|
||||||||
|
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
|
Change in net unrealized investment gains (losses)
|
423
|
(45
|
)
|
E |
378
|
|||||||||||
|
Foreign currency translation
|
-
|
-
|
||||||||||||||
|
Change in discount rate for future policy benefits
|
(148
|
)
|
(148
|
)
|
||||||||||||
|
Change in instrument-specific credit risk for market risk benefits
|
(20
|
)
|
(20
|
)
|
||||||||||||
|
Defined benefit pension plan adjustment
|
84
|
(2
|
)
|
E |
82
|
|||||||||||
|
Total other comprehensive income (loss)
|
339
|
(47
|
)
|
292
|
||||||||||||
|
Comprehensive income
|
736
|
(64
|
)
|
672
|
||||||||||||
|
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
5
|
5
|
||||||||||||||
|
Comprehensive income attributable to American National Group Inc.
|
$
|
731
|
$
|
(64
|
)
|
$
|
667
|
|||||||||
See notes to unaudited pro forma condensed consolidated financial information.
Notes to Unaudited Pro Forma Condensed Consolidated Financial Information
(In millions)
1 Basis of Presentation
The unaudited pro forma condensed consolidated financial information is prepared based on the Company's historical consolidated financial statements and pursuant to
Article 11 of Regulation S-X, adjusted for certain transaction accounting adjustments listed in Note 2 below. The unaudited pro forma condensed consolidated financial statements are prepared in accordance with accounting principles generally
accepted in the United States of America. These principles require the use of estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates.
2 Pro Forma Adjustments
The following pro forma adjustments are included in the unaudited pro forma condensed consolidated statements of financial position and/or the unaudited pro forma
condensed consolidated statements of operations:
| A) |
Represents the elimination of the assets, liabilities, and corresponding equity impacts associated with the Disposition.
|
| B) |
Represents the effect on retained earnings related to the elimination of a $77 million dividend paid from ANPAC to the Company in 2025 as well as the elimination of the historical
revenues and expenses associated with the Disposition.
|
| C) |
Represents the effect on retained earnings related to the elimination of the historical revenues and expenses attributable to the assets and liabilities associated with the
Disposition.
|
| D) |
Represents the elimination of the historical revenues and expenses attributable to the assets and liabilities associated with the Disposition.
|
| E) |
Represents the effect on comprehensive income related to the elimination of the assets and liabilities associated with the Disposition.
|