ANG-PD 8-K
American National Group Inc. (ANG-PD)
8-K
2026-05-22
For: 2026-05-22
View Original
Added on
May 22, 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): May 22, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices and zip code)
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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. ☐
Item 2.02 Results of Operations and Financial Condition
On May 22, 2026, American National Group Inc. (the "Company") made available on its website the Company's financial supplement for the first quarter ended March 31, 2026, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.
The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits
Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | |||||||
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.
Date: May 22, 2026
| AMERICAN NATIONAL GROUP INC. | |||||||||||
| By: | /s/ Reza Syed | ||||||||||
| Reza Syed | |||||||||||
| Chief Financial Officer and Executive Vice President | |||||||||||
Exhibit 99.1
American National Group Inc.
March 31, 2026
Financial Supplement
Table of Contents |
Financial Summary | |
GAAP Balance Sheet | |
Income Statement | |
Distributable Operating Income Reconciliation | |
Adjusted Equity Reconciliation | |
Invested Assets | |
Credit Quality of Investments | |
Mortgage Loans | |
Financial Strength Ratings | |
Capitalization | |
Annuity Investment Spread | |
Annuity Cost of Funds Reconciliation | |
Annuity Sales | |
Surrender Charge Exposure | |
Legal Notice | |
Non-GAAP Financial Disclosures |
3
Financial Summary (Dollars in millions) | |||||||||||||||||||
Historical Data | Percentage Change | Year-to-Date | Percentage Change | ||||||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | QoQ | YoY | 2026 | 2025 | YTD | ||||||||||
Income | |||||||||||||||||||
GAAP net income (loss) | $(7) | $356 | $208 | $141 | $(236) | (102)% | 97% | $(7) | $(236) | 97% | |||||||||
Distributable operating earnings (a) | 306 | 360 | 329 | 320 | 341 | (15)% | (10)% | 306 | 341 | (10)% | |||||||||
Balance Sheet | |||||||||||||||||||
Total assets | $130,406 | $130,257 | $130,559 | $126,345 | $123,434 | —% | 6% | $130,406 | $123,434 | 6% | |||||||||
Total liabilities | 121,010 | 120,588 | 119,578 | 116,128 | 113,389 | —% | 7% | 121,010 | 113,389 | 7% | |||||||||
Total equity | 9,396 | 9,669 | 10,981 | 10,217 | 10,045 | (3)% | (6)% | 9,396 | 10,045 | (6)% | |||||||||
Total common stockholders' equity (a) | 8,934 | 9,257 | 10,170 | 9,494 | 9,374 | (3)% | (5)% | 8,934 | 9,374 | (5)% | |||||||||
Total adjusted common stockholders' equity (a) | 9,812 | 9,533 | 10,325 | 9,961 | 9,610 | 3% | 2% | 9,812 | 9,610 | 2% | |||||||||
Twelve Months Ended March 31, 2026 | |||||||||||||||||||
Annuity investment spread | 1.7% | ||||||||||||||||||
Note: “NM” represents changes that are not meaningful.
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
4
GAAP Balance Sheet (Dollars in millions) | |||||
Historical Data | Percentage Change | ||||
March 31, 2026 | December 31, 2025 | YTD | |||
Assets | |||||
Investments: | |||||
Available-for-sale fixed maturity securities, at fair value | $61,180 | $57,992 | 5% | ||
Equity securities, at fair value | 1,128 | 1,179 | (4)% | ||
Mortgage loans on real estate, at amortized cost | 10,920 | 11,113 | (2)% | ||
Other invested assets | 20,332 | 20,232 | —% | ||
Total investments | 93,560 | 90,516 | 3% | ||
Cash and cash equivalents | 8,934 | 11,660 | (23)% | ||
Accrued investment income | 805 | 799 | 1% | ||
Deferred policy acquisition costs, deferred sales inducements and value of business acquired | 11,615 | 11,513 | 1% | ||
Reinsurance recoverables and deposit assets | 9,092 | 9,255 | (2)% | ||
Intangible assets | 1,483 | 1,501 | (1)% | ||
Other assets | 4,137 | 4,191 | (1)% | ||
Separate account assets | 780 | 822 | (5)% | ||
Total assets | $130,406 | $130,257 | —% | ||
Liabilities | |||||
Future policy benefits | $10,784 | $10,962 | (2)% | ||
Policyholders' account balances | 94,081 | 92,992 | 1% | ||
Policy and contract claims | 328 | 410 | (20)% | ||
Market risk benefits | 4,501 | 4,536 | (1)% | ||
Long term borrowings | 2,954 | 2,951 | —% | ||
Funds withheld for reinsurance liabilities | 2,969 | 3,088 | (4)% | ||
Other liabilities | 4,613 | 4,827 | (4)% | ||
Separate account liabilities | 780 | 822 | (5)% | ||
Total liabilities | 121,010 | 120,588 | —% | ||
Equity | |||||
Preferred stock | 292 | 292 | —% | ||
Additional paid-in capital | 6,467 | 6,404 | 1% | ||
Accumulated other comprehensive income (loss), net of taxes | 711 | 1,094 | (35)% | ||
Retained earnings | 1,756 | 1,759 | —% | ||
Non-controlling interests | 170 | 120 | 42% | ||
Total equity | 9,396 | 9,669 | (3)% | ||
Total liabilities and equity | $130,406 | $130,257 | —% | ||
5
GAAP Income Statement (Dollars in millions) | ||||||||||||||||||||
Historical Data | Percentage Change | Year-to-Date | Percentage Change | |||||||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | QoQ | YoY | 2026 | 2025 | YTD | |||||||||||
Revenues | ||||||||||||||||||||
Premiums | $145 | $698 | $206 | $354 | $458 | (79)% | (68)% | $145 | $458 | (68)% | ||||||||||
Other policy revenue | 162 | 189 | 181 | 172 | 149 | (14)% | 9% | 162 | 149 | 9% | ||||||||||
Net investment income | 1,289 | 1,256 | 1,242 | 1,139 | 1,251 | 3% | 3% | 1,289 | 1,251 | 3% | ||||||||||
Investment related gains (losses) | (30) | 133 | (33) | (11) | 3 | (123)% | NM | (30) | 3 | NM | ||||||||||
Other income | 34 | 23 | 22 | 27 | 28 | 48% | 21% | 34 | 28 | 21% | ||||||||||
Total revenue | 1,600 | 2,299 | 1,618 | 1,681 | 1,889 | (30)% | (15)% | 1,600 | 1,889 | (15)% | ||||||||||
Benefits and Expenses | ||||||||||||||||||||
Policyholder benefits and claims incurred | 231 | 828 | 270 | 510 | 602 | (72)% | (62)% | 231 | 602 | (62)% | ||||||||||
Interest sensitive contract benefits | 545 | 506 | 523 | 485 | 512 | 8% | 6% | 545 | 512 | 6% | ||||||||||
Amortization of DAC, DSI and VOBA | 272 | 256 | 268 | 246 | 238 | 6% | 14% | 272 | 238 | 14% | ||||||||||
Change in FV of insurance-related derivatives and embedded derivatives | 138 | 73 | (187) | 131 | 199 | 89% | (31)% | 138 | 199 | (31)% | ||||||||||
Change in fair value of market risk benefits | 139 | 101 | 310 | (47) | 361 | 38% | (61)% | 139 | 361 | (61)% | ||||||||||
Total benefits | 1,325 | 1,764 | 1,184 | 1,325 | 1,912 | (25)% | (31)% | 1,325 | 1,912 | (31)% | ||||||||||
Operating expenses | 206 | 215 | 118 | 168 | 224 | (4)% | (8)% | 206 | 224 | (8)% | ||||||||||
Interest expense | 49 | 43 | 47 | 49 | 44 | 14% | 11% | 49 | 44 | 11% | ||||||||||
Total benefits and expenses | 1,580 | 2,022 | 1,349 | 1,542 | 2,180 | (22)% | (28)% | 1,580 | 2,180 | (28)% | ||||||||||
Income tax expense (benefit) | 17 | (94) | 109 | 27 | (62) | 118% | 127% | 17 | (62) | 127% | ||||||||||
Income (loss) from continuing operations | 3 | 371 | 160 | 112 | (229) | (99)% | 101% | 3 | (229) | 101% | ||||||||||
Income (loss) from discontinuing operations, net of tax | — | — | 58 | 42 | 26 | —% | (100)% | — | 26 | (100)% | ||||||||||
Net income (loss) | 3 | 371 | 218 | 154 | (203) | (99)% | 101% | 3 | (203) | 101% | ||||||||||
Less: Net income (loss) from continuing operations attributable to noncontrolling interests, net of tax | 4 | 3 | (1) | 2 | 3 | 33% | 33% | 4 | 3 | 33% | ||||||||||
Net income (loss) attributable to American National Group Inc. stockholders | (1) | 368 | 219 | 152 | (206) | (100)% | 100% | (1) | (206) | 100% | ||||||||||
Less: Preferred stock dividends and redemption (a) | 6 | 12 | 11 | 11 | 30 | (50)% | (80)% | 6 | 30 | (80)% | ||||||||||
Net income (loss) attributable to American National Group Inc. common stockholder | $(7) | $356 | $208 | $141 | $(236) | (102)% | 97% | $(7) | $(236) | 97% | ||||||||||
(a)Preferred stock dividends and redemption for Q1 2025 includes a non-recurring $19 million impact related to the redemption of the Series A preferred stock.
6
Distributable Operating Earnings Reconciliation (Dollars in millions) | ||||||||||||||||||||
Historical Data | Percentage Change | Year-to-Date | Percentage Change | |||||||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | QoQ | YoY | 2026 | 2025 | YTD | |||||||||||
Income (loss) from continuing operations (a) | $(7) | $356 | $150 | $99 | $(262) | (102)% | 97% | $(7) | $(262) | 97% | ||||||||||
Net investment gains, including reinsurance funds withheld | 137 | 33 | 165 | 186 | 75 | 315% | 83% | 137 | 75 | 83% | ||||||||||
Mark-to-market on insurance contracts and other net assets | 162 | 70 | (21) | 36 | 582 | 131% | (72)% | 162 | 582 | (72)% | ||||||||||
Deferred income tax expense (recovery) | (51) | (171) | 10 | (44) | (138) | 70% | 63% | (51) | (138) | 63% | ||||||||||
Depreciation | 39 | 45 | 35 | 38 | 52 | (13)% | (25)% | 39 | 52 | (25)% | ||||||||||
Transaction costs | 26 | 27 | (10) | 5 | 32 | (4)% | (19)% | 26 | 32 | (19)% | ||||||||||
Distributable operating earnings (b) | $306 | $360 | $329 | $320 | $341 | (15)% | (10)% | $306 | $341 | (10)% | ||||||||||
Pre-Tax Distributable Operating Earnings by Segment | ||||||||||||||||||||
Annuity | $382 | $429 | $389 | $372 | $407 | (11)% | (6)% | $382 | $407 | (6)% | ||||||||||
Life | 20 | 44 | 37 | 40 | 32 | (55)% | (38)% | 20 | 32 | (38)% | ||||||||||
Pre-tax segment distributable operating earnings (b) | 402 | 473 | 426 | 412 | 439 | (15)% | (8)% | 402 | 439 | (8)% | ||||||||||
Corporate and other DOE | (28) | (33) | (24) | (22) | (21) | 15% | (33)% | (28) | (21) | (33)% | ||||||||||
Tax expense | (68) | (80) | (73) | (70) | (77) | 15% | 12% | (68) | (77) | 12% | ||||||||||
Distributable operating earnings | $306 | $360 | $329 | $320 | $341 | (15)% | (10)% | $306 | $341 | (10)% | ||||||||||
(a)Income (loss) from continuing operations is net income attributable to American National Group Inc. common stockholder less income (loss) from discontinuing operations, net of tax.
(b)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
7
Adjusted Equity Reconciliation (Dollars in millions) | ||||||||||||||||||||
Historical Data | Percentage Change | Year-to-Date | Percentage Change | |||||||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | QoQ | YoY | 2026 | 2025 | YTD | |||||||||||
Total equity | $9,396 | $9,669 | $10,981 | $10,217 | $10,045 | (3)% | (6)% | $9,396 | $10,045 | (6)% | ||||||||||
Non-controlling interests | (170) | (120) | (223) | (135) | (83) | (42)% | (105)% | (170) | (83) | (105)% | ||||||||||
Equity available to preferred stockholders | (292) | (292) | (588) | (588) | (588) | —% | 50% | (292) | (588) | 50% | ||||||||||
Total common stockholders' equity (a) | 8,934 | 9,257 | 10,170 | 9,494 | 9,374 | (3)% | (5)% | 8,934 | 9,374 | (5)% | ||||||||||
Accumulated other comprehensive income (AOCI) | (711) | (1,094) | (1,132) | (664) | (670) | 35% | (6)% | (711) | (670) | (6)% | ||||||||||
Accumulated impact of mark-to-market losses (gains) on derivatives and insurance contracts | 1,589 | 1,370 | 1,287 | 1,131 | 906 | 16% | 75% | 1,589 | 906 | 75% | ||||||||||
Total adjusted common stockholders' equity (a) | $9,812 | $9,533 | $10,325 | $9,961 | $9,610 | 3% | 2% | $9,812 | $9,610 | 2% | ||||||||||
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
8
Invested Assets (Dollars in millions) | ||||||||||||
March 31, 2026 | December 31, 2025 | |||||||||||
GAAP Carrying Value | Book Value | Unrealized Gain/(Loss) | GAAP Carrying Value | Book Value | Unrealized Gain/(Loss) | |||||||
Invested Assets | ||||||||||||
Investments: | ||||||||||||
U.S. treasury and government | $67 | $67 | $— | $68 | $68 | $— | ||||||
U.S. states and political subdivisions | 2,870 | 2,814 | 56 | 2,910 | 2,827 | 83 | ||||||
Foreign governments | 3,271 | 3,276 | (5) | 1,169 | 1,118 | 51 | ||||||
Corporate debt securities | 42,776 | 42,688 | 88 | 41,514 | 40,745 | 769 | ||||||
Residential mortgage-backed securities | 651 | 618 | 33 | 678 | 641 | 37 | ||||||
Commercial mortgage-backed securities | 2,927 | 2,884 | 43 | 3,015 | 2,946 | 69 | ||||||
Collateralized debt securities | 5,925 | 5,903 | 22 | 5,855 | 5,801 | 54 | ||||||
Total fixed maturity, available-for-sale | 58,487 | 58,250 | 237 | 55,209 | 54,146 | 1,063 | ||||||
Equity securities: | ||||||||||||
Common and preferred stock | 1,110 | 1,162 | (52) | 1,161 | 1,083 | 78 | ||||||
Total equity securities | 1,110 | 1,162 | (52) | 1,161 | 1,083 | 78 | ||||||
Other investments: | ||||||||||||
Mortgage loans on real estate, net of allowance | 10,834 | 10,834 | — | 11,030 | 11,030 | — | ||||||
Private loans, net of allowance | 8,378 | 8,378 | — | 8,886 | 8,886 | — | ||||||
Real estate and real estate partnerships | 5,786 | 5,786 | — | 5,800 | 5,800 | — | ||||||
Investments funds | 3,539 | 3,539 | — | 3,187 | 3,187 | — | ||||||
Policy loans | 243 | 243 | — | 234 | 234 | — | ||||||
Short-term investments | 683 | 683 | — | 600 | 600 | — | ||||||
Other invested assets | 1,676 | 1,676 | — | 1,485 | 1,485 | — | ||||||
Total investments, net of coinsurance funds withheld investments | 90,736 | 90,551 | 185 | 87,592 | 86,451 | 1,141 | ||||||
Coinsurance funds withheld investments (a) | 2,824 | 2,782 | 42 | 2,924 | 2,849 | 75 | ||||||
Total investments | $93,560 | $93,333 | $227 | $90,516 | $89,300 | $1,216 | ||||||
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
9
Credit Quality of Investments (Dollars in millions) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
GAAP Carrying Value | % of GAAP Carrying Value | GAAP Carrying Value | % of GAAP Carrying Value | |||||
Assets with NAIC Designation | ||||||||
Fixed maturities, available-for-sale, at fair value: | ||||||||
1 | $31,804 | 34% | $29,481 | 32% | ||||
2 | 24,179 | 26% | 23,414 | 26% | ||||
3 | 1,440 | 2% | 1,374 | 2% | ||||
4 | 464 | —% | 475 | 1% | ||||
5 | 62 | —% | 59 | —% | ||||
6 | 17 | —% | 18 | —% | ||||
Total fixed maturities, available-for-sale | 57,966 | 62% | 54,821 | 61% | ||||
Assets without NAIC Designation | ||||||||
Fixed maturities, at fair value | 521 | 1% | 388 | —% | ||||
Equity securities, at fair value | 1,110 | 1% | 1,161 | 1% | ||||
Mortgage loans | 10,834 | 11% | 11,030 | 12% | ||||
Private Loans | 8,378 | 9% | 8,886 | 10% | ||||
Real estate and real estate partnerships | 5,786 | 6% | 5,800 | 6% | ||||
Investment funds | 3,539 | 4% | 3,187 | 4% | ||||
Policy loans | 243 | —% | 234 | —% | ||||
Short-term investments | 683 | 1% | 600 | 1% | ||||
Other invested assets | 1,676 | 2% | 1,485 | 2% | ||||
32,770 | 35% | 32,771 | 36% | |||||
Total investments, net of coinsurance funds withheld investments | 90,736 | 97% | 87,592 | 97% | ||||
Coinsurance funds withheld investments (a) | 2,824 | 3% | 2,924 | 3% | ||||
Total investments | $93,560 | 100% | $90,516 | 100% | ||||
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
10
Credit Quality of Investments - Detail (Dollars in millions) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
GAAP Carrying Value | % of GAAP Carrying Value | GAAP Carrying Value | % of GAAP Carrying Value | |||||
Available-for-sale: | ||||||||
U.S. treasury and government (a) | $67 | —% | $68 | —% | ||||
U.S. states and political subdivisions (a) | 2,870 | 5% | 2,910 | 5% | ||||
Foreign governments (a) | 3,271 | 5% | 1,169 | 2% | ||||
Corporate debt securities | 42,776 | 70% | 41,514 | 72% | ||||
Residential mortgage-backed securities | 651 | 1% | 678 | 1% | ||||
Commercial mortgage-backed securities | 2,927 | 5% | 3,015 | 5% | ||||
Collateralized debt securities | 5,925 | 10% | 5,855 | 10% | ||||
Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments | 58,487 | 96% | 55,209 | 95% | ||||
Coinsurance funds withheld investments (b) | 2,693 | 4% | 2,783 | 5% | ||||
Total fixed maturities, available-for-sale | $61,180 | 100% | $57,992 | 100% | ||||
Corporate debt securities | ||||||||
NAIC designation | ||||||||
1 | $20,303 | 48% | $19,778 | 48% | ||||
2 | 20,868 | 50% | 20,288 | 50% | ||||
3 | 961 | 2% | 923 | 2% | ||||
4 | 140 | —% | 180 | —% | ||||
5 | 11 | —% | 4 | —% | ||||
6 | — | —% | — | —% | ||||
Total U.S. corporate debt securities (c) | $42,283 | 100% | $41,173 | 100% | ||||
Residential mortgage-backed securities | ||||||||
NAIC designation | ||||||||
1 | $637 | 97% | $659 | 96% | ||||
2 | 1 | —% | 2 | —% | ||||
3 | 5 | 2% | 4 | 2% | ||||
4 | 2 | —% | 2 | —% | ||||
5 | 6 | 1% | 11 | 2% | ||||
6 | — | —% | — | —% | ||||
Total Residential mortgage-backed securities | $651 | 100% | $678 | 100% | ||||
Commercial mortgage-backed securities | ||||||||
NAIC designation | ||||||||
1 | $2,523 | 87% | $2,613 | 88% | ||||
2 | 206 | 7% | 206 | 7% | ||||
3 | 97 | 3% | 77 | 2% | ||||
4 | 48 | 2% | 45 | 2% | ||||
5 | 9 | —% | 9 | —% | ||||
6 | 16 | 1% | 17 | 1% | ||||
Total Commercial mortgage-backed securities (d) | $2,899 | 100% | $2,967 | 100% | ||||
11
Credit Quality of Investments - Detail (Dollars in millions) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
GAAP Carrying Value | % of GAAP Carrying Value | GAAP Carrying Value | % of GAAP Carrying Value | |||||
Collateralized debt securities | ||||||||
NAIC designation | ||||||||
1 | $2,620 | 44% | $2,744 | 47% | ||||
2 | 2,672 | 45% | 2,512 | 43% | ||||
3 | 343 | 6% | 334 | 6% | ||||
4 | 273 | 5% | 248 | 4% | ||||
5 | 17 | —% | 17 | —% | ||||
6 | — | —% | — | —% | ||||
Total Collateralized debt securities | $5,925 | 100% | $5,855 | 100% | ||||
(a)Over 99% of available-for-sale fixed maturity U.S. treasury and government, U.S. states and political subdivisions, and foreign governments securities
are rated NAIC 1 or 2.
(b)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(c)Excludes securities that are not rated with a carrying value of $288 million at March 31, 2026 and $294 million at December 31, 2025. Also excludes
$205 million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2026 and $47 million at
December 31, 2025.
(d)Excludes securities that are not rated with a carrying value of $0 million at March 31, 2026 and $21 million at December 31, 2025. Also excludes $28
million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2026 and $27 million at
December 31, 2025.
12
Mortgage Loans (Dollars in millions) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
GAAP Carrying Value | % of GAAP Carrying Value | GAAP Carrying Value | % of GAAP Carrying Value | |||||
Commercial Mortgage Loans | ||||||||
Agricultural | $341 | 4% | $349 | 4% | ||||
Apartment | 2,230 | 26% | 2,294 | 26% | ||||
Hotel | 879 | 10% | 967 | 11% | ||||
Industrial | 1,772 | 21% | 1,775 | 21% | ||||
Office | 1,420 | 17% | 1,435 | 16% | ||||
Parking | 198 | 2% | 207 | 2% | ||||
Retail | 1,326 | 16% | 1,352 | 15% | ||||
Storage | 113 | 1% | 114 | 1% | ||||
Other | 184 | 2% | 224 | 3% | ||||
Total commercial mortgage loans, net of coinsurance funds withheld investments | 8,463 | 99% | 8,717 | 99% | ||||
Coinsurance funds withheld investments (a) | 86 | 1% | 83 | 1% | ||||
Total commercial mortgage loans (b) | $8,549 | 100% | $8,800 | 100% | ||||
Non-performing commercial mortgage loans | ||||||||
Total non-performing commercial mortgage loans | $120 | 1% | $114 | 1% | ||||
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(b)Total commercial mortgage loans excludes the allowance for credit losses of $79 million and $87 million at March 31, 2026 and December 31, 2025,
respectively.
13
Mortgage Loans - Exposure (Dollars in millions) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
GAAP Carrying Value | % of GAAP Carrying Value | GAAP Carrying Value | % of GAAP Carrying Value | |||||
Commercial Mortgage Loans - Exposure by LTV | ||||||||
0-50% | $2,848 | 35% | $2,668 | 32% | ||||
50-60% | 2,811 | 34% | 3,118 | 37% | ||||
60-70% | 2,069 | 25% | 1,863 | 22% | ||||
70% + | 391 | 5% | 699 | 8% | ||||
Total commercial mortgage loans, net of coinsurance funds withheld investments | 8,119 | 99% | 8,348 | 99% | ||||
Coinsurance funds withheld investments (a) | 86 | 1% | 82 | 1% | ||||
Total commercial mortgage loans (b) (c) | $8,205 | 100% | $8,430 | 100% | ||||
Average LTV | 51% | 52% | ||||||
March 31, 2026 | December 31, 2025 | |||||||
GAAP Carrying Value | % of GAAP Carrying Value | GAAP Carrying Value | % of GAAP Carrying Value | |||||
Commercial Mortgage Loans - Exposure by CM Rating | ||||||||
CM1 | $3,368 | 41% | $3,579 | 43% | ||||
CM2 | 2,699 | 33% | 2,699 | 32% | ||||
CM3 | 1,722 | 21% | 1,780 | 21% | ||||
CM4 | 212 | 3% | 116 | 1% | ||||
CM5 | — | —% | 50 | 1% | ||||
CM6 | 102 | 1% | 105 | 1% | ||||
CM7 | 16 | —% | 19 | —% | ||||
Total commercial mortgage loans, net of coinsurance funds withheld investments | 8,119 | 99% | 8,348 | 99% | ||||
Coinsurance funds withheld investments (a) | 86 | 1% | 82 | 1% | ||||
Total commercial mortgage loans (b) (c) | $8,205 | 100% | $8,430 | 100% | ||||
Median CM Rating | CM2 | CM2 | ||||||
(a)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(b)Excludes $344 million and $370 million investments in variable interest entities not directly held by American National Group Inc.’s regulated
insurance entities at March 31, 2026 and December 31, 2025, respectively.
(c)Total commercial mortgage loans excludes the allowance for credit losses of $79 million and $87 million at March 31, 2026 and December 31, 2025,
respectively.
14
Private Loans by Credit Rating and Industry Sector (Dollars in millions) | ||||||||||
March 31, 2026 | ||||||||||
A or higher | BBB | BB and below | Unrated (a) | Total | ||||||
Asset-based finance | $711 | $— | $— | $26 | $737 | |||||
Consumer | — | — | 183 | — | 183 | |||||
Financials | 609 | 38 | 45 | 366 | 1,058 | |||||
Industrial | 812 | 89 | 851 | 87 | 1,839 | |||||
Real estate | 28 | 1,013 | 205 | 1,297 | 2,543 | |||||
Software | — | — | 380 | — | 380 | |||||
Telecommunications | — | — | 413 | — | 413 | |||||
Utilities | 416 | 193 | 449 | 167 | 1,225 | |||||
Total private loans, net of coinsurance funds withheld investments | 2,576 | 1,333 | 2,526 | 1,943 | 8,378 | |||||
Coinsurance funds withheld investments (b) | 15 | 12 | — | — | 27 | |||||
Total private loans (c) | $2,591 | $1,345 | $2,526 | $1,943 | $8,405 | |||||
December 31, 2025 | ||||||||||
A or higher | BBB | BB and below | Unrated (a) | Total | ||||||
Asset-based finance | $712 | $— | $— | $31 | $743 | |||||
Consumer | 172 | — | 92 | 15 | 279 | |||||
Financials | 649 | 38 | 283 | 383 | 1,353 | |||||
Industrial | — | 88 | 850 | 1,032 | 1,970 | |||||
Real estate | 28 | 1,013 | 213 | 1,277 | 2,531 | |||||
Software | — | — | 380 | — | 380 | |||||
Telecommunications | — | — | 418 | 66 | 484 | |||||
Utilities | 416 | 166 | 351 | 213 | 1,146 | |||||
Total private loans, net of coinsurance funds withheld investments | 1,977 | 1,305 | 2,587 | 3,017 | 8,886 | |||||
Coinsurance funds withheld investments (b) | 29 | 11 | — | — | 40 | |||||
Total private loans (c) | $2,006 | $1,316 | $2,587 | $3,017 | $8,926 | |||||
(a)Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published
credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans
without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and
policies. These internal risk ratings are categorized as “Unrated” above.
(b)Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld
reinsurance agreements.
(c)Total private loans includes the allowance for credit losses of $147 million and $149 million at March 31, 2026 and December 31, 2025, respectively.
15
Financial Strength and Credit Ratings (Dollars in millions) | |||||||||
Financial Strength Ratings | |||||||||
AM Best | Standard & Poor's | Fitch | Line of Business | March 31, 2026 Statutory Liability Balance | |||||
American Equity Investment Life Insurance Company | A | A | A | Life & retirement | $58,864 | ||||
American National Insurance Company | A | A | A | Life & retirement | 39,136 | ||||
Eagle Life Insurance Company | A | A | A | Life & retirement | 4,862 | ||||
American National Life Insurance Company of New York | A | A | A | Life & retirement | 1,914 | ||||
American Equity Life Insurance Company of New York | A | - | A | Life & retirement | 74 | ||||
American National Life Insurance Company of Texas | A | - | - | Life & retirement | 6 | ||||
Garden State Life Insurance Company | Au | - | - | Life & retirement | 3 | ||||
Freestone Re Ltd. (a) | - | A | - | Life & retirement reinsurance | — | ||||
Credit ratings | |||||||||
American National Group Inc. | - | BBB | BBB+ | ||||||
American National Group Inc.: | |||||||||
— Senior Unsecured Notes | - | BBB | BBB | ||||||
— Preferred Stock | - | BB+ | BB+ | ||||||
— Subordinated Notes | - | BB+ | BB+ | ||||||
American National Global Funding: | |||||||||
— Senior Secured Notes | - | A | A | ||||||
(a)Freestone Re Ltd. has modified coinsurance agreements with subsidiaries of American National Group Inc. There were $55,344 million of statutory
liabilities associated with these agreements at March 31, 2026.
16
Capitalization (Dollars in millions) | ||||||||||||
Amount | % Total Capitalization | Facility Ratings (S&P / Fitch) | Rates | Issue Date | Maturity | |||||||
Senior Unsecured Bonds - SEC Registered | $692 | 6% | BBB / BBB | 6.00% | June 2025 | July 2035 | ||||||
Term Loan | 99 | 1% | SOFR + 1.25% | May 2024 | May 2027 | |||||||
Senior Unsecured Bonds - SEC Registered | 596 | 5% | BBB / BBB | 5.75% | October 2024 | October 2029 | ||||||
Senior Unsecured Bonds - 144A | 497 | 4% | BBB / BBB | 6.144% | June 2022 | June 2032 | ||||||
Junior Subordinated Debentures - SEC Registered (a) | 494 | 4% | BB+ / BB+ | 7.00% | August 2025 | August 2055 | ||||||
Senior Unsecured Bonds - SEC Registered | 492 | 4% | BBB / BBB | 5.00% | June 2017 | June 2027 | ||||||
Subordinated Debentures | 84 | 1% | 5.00% | October 1999 | June 2047 | |||||||
Total Long Term Borrowings | 2,954 | 25% | ||||||||||
Perpetual Preferred Shares - Series D | 292 | 3% | BB+ / BB+ | 7.38% | January 2025 | Perpetual | ||||||
Total Common Stockholders' Equity | 9,104 | 79% | ||||||||||
Total Equity | 9,396 | 82% | ||||||||||
Accumulated Other Comprehensive Income (AOCI) | 711 | 6% | ||||||||||
Non-Controlling Interests (NCI) | 170 | 1% | ||||||||||
Total Equity, Excluding AOCI and NCI (b) | 8,515 | 75% | ||||||||||
Total Capitalization, Excluding AOCI and NCI (b) | $11,469 | 100% | ||||||||||
(a)Rate will be reset to 3.183% plus five-year U.S. Treasury Rate effective December 1, 2030.
(b)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
17
Annuity Investment Spread (Dollars in millions) | ||||||||||||||||||||
Historical Data | Percentage Change | Year-to-Date | Percentage Change | |||||||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | QoQ | YoY | 2026 | 2025 | YTD | |||||||||||
Non-GAAP net investment income (a) | $1,352 | $1,347 | $1,285 | $1,238 | $1,238 | —% | 9% | $1,352 | $1,238 | 9% | ||||||||||
Cost of funds | 970 | 918 | 899 | 868 | 924 | 6% | 5% | 970 | 924 | 5% | ||||||||||
Total net investment spread | $382 | $429 | $386 | $370 | $314 | (11)% | 22% | $382 | $314 | 22% | ||||||||||
Average invested assets | $92,329 | $89,678 | $85,993 | $83,173 | $80,139 | 3% | 15% | $92,329 | $80,139 | 15% | ||||||||||
Twelve months ended March 31, 2026 | ||||||||||||||||||||
Yield on net invested assets | 5.9% | |||||||||||||||||||
Aggregate cost of funds | 4.2% | |||||||||||||||||||
Total net investment spread | 1.7% | |||||||||||||||||||
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22. The net impact of the adjustments disclosed on page 22 were $63 million in Q1 2026, $91 million in Q4
2025, $43 million in Q3 2025, $99 million in Q2 2025, and $13 million in Q1 2025.
18
Reconciliation of Benefits and Expenses to Cost of Funds (Dollars in millions) | ||||||||||||||
Historical Data | Year-to-Date | |||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | 2026 | 2025 | ||||||||
US GAAP benefits and expenses | $1,580 | $2,022 | $1,349 | $1,542 | $2,180 | $1,580 | $2,180 | |||||||
Premiums | (145) | (698) | (206) | (354) | (458) | (145) | (458) | |||||||
Product charges | (162) | (189) | (181) | (172) | (149) | (162) | (149) | |||||||
Change in fair value of insurance-related derivatives and embedded derivatives | (138) | (73) | 187 | (131) | (199) | (138) | (199) | |||||||
Change in fair value of MRB - capital market impacts | (31) | (3) | (197) | 127 | (268) | (31) | (268) | |||||||
Policy and other operating expenses | 23 | (13) | (16) | (7) | (101) | 23 | (101) | |||||||
Premiums, benefits and expenses on non-annuity segments | (157) | (128) | (37) | (137) | (81) | (157) | (81) | |||||||
Total adjustments to arrive at cost of funds | (610) | (1,104) | (450) | (674) | (1,256) | (610) | (1,256) | |||||||
Total annuity cost of funds (a) | $970 | $918 | $899 | $868 | $924 | $970 | $924 | |||||||
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
19
Annuity Sales (Dollars in millions) | ||||||||||||||||||||
Historical Data | Percentage Change | Year-to-Date | Percentage Change | |||||||||||||||||
Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | QoQ | YoY | 2026 | 2025 | YTD | |||||||||||
Gross Annuity Sales | ||||||||||||||||||||
Retail | ||||||||||||||||||||
Fixed Index | $1,691 | $2,337 | $2,528 | $2,513 | $1,835 | (28)% | (8)% | $1,691 | $1,835 | (8)% | ||||||||||
Fixed Rate | 1,379 | 1,904 | 2,147 | 1,052 | 1,045 | (28)% | 32% | 1,379 | 1,045 | 32% | ||||||||||
Other (a) | 176 | 148 | 79 | 57 | 44 | 19% | 300% | 176 | 44 | 300% | ||||||||||
Total Retail Annuities | 3,246 | 4,389 | 4,754 | 3,622 | 2,924 | (26)% | 11% | 3,246 | 2,924 | 11% | ||||||||||
Institutional | ||||||||||||||||||||
Pension Risk Transfer | 64 | 788 | 100 | 262 | 382 | (92)% | (83)% | 64 | 382 | (83)% | ||||||||||
Funding Agreements | 500 | 1,389 | — | 400 | 500 | (64)% | —% | 500 | 500 | —% | ||||||||||
Total Institutional Annuities | 564 | 2,177 | 100 | 662 | 882 | (74)% | (36)% | 564 | 882 | (36)% | ||||||||||
Total Gross Annuity Sales | 3,810 | 6,566 | 4,854 | 4,284 | 3,806 | (42)% | —% | 3,810 | 3,806 | —% | ||||||||||
Ceded | (2) | (15) | (14) | (9) | (7) | (84)% | (66)% | (2) | (7) | (66)% | ||||||||||
Total Net Annuity Sales | $3,808 | $6,551 | $4,840 | $4,275 | $3,799 | (42)% | —% | $3,808 | $3,799 | —% | ||||||||||
(a)Other retail annuities represent sales of single premium immediate annuities and structured settlement annuities.
20
Surrender Charge Exposure (Dollars in millions) | ||||||||
Q1 2026 | Q4 2025 | |||||||
Account Value (a) | Average Surrender Charge | Account Value (a) | Average Surrender Charge | |||||
Years of surrender charge remaining (b) | ||||||||
No surrender charge remaining | $11,231 | —% | $10,948 | —% | ||||
Greater than 0 to less than 3 | 12,371 | 4% | 12,536 | 4% | ||||
3 to less than 6 | 15,567 | 8% | 15,913 | 8% | ||||
6 to less than 9 | 31,735 | 11% | 30,048 | 12% | ||||
9 or greater | 12,621 | 13% | 13,079 | 14% | ||||
$83,525 | 8% | $82,524 | 8% | |||||
(a)Account value excludes claims in-course of settlement, the life insurance segment, and single premium immediate annuities.
(b)The weighted average years remaining in the protected surrender charge period is approximately 6 years.
21
Legal Notice |
This document has been prepared solely for the information of investors. This document does not purport to provide complete and current information about American National Group Inc.
(“ANGI”) or a complete description of ANGI and the risks of investing in ANGI (including risks described in offering documents previously provided to investors). Under no circumstances
is this document or the information contained herein to be construed as a prospectus, offering memorandum or advertisement, and no part of this document or any information or statement
contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By reading or reviewing this document, you agree to be bound by the
following limitations.
You should not rely on this document as the basis on which to make any investment decision. Neither this document nor any part of it may be reproduced or redistributed, passed on, or the
contents otherwise divulged, directly or indirectly, to any other person (excluding the recipient’s professional advisers) or published in whole or in part for any purpose without the prior
written consent of ANGI.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
The summary descriptions and other information included in this document are intended only for informational purposes and convenient reference. The information contained in this
document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.
Past performance is not indicative of future results.
The statements contained in this document are made as of the date of the release of this report, unless another time is specified in relation to them, and access to this document at any given
time shall not give rise to any implication that there has not been a change in the facts set forth in this document since that date. Certain information set forth in this document has been
developed internally or obtained from sources believed by ANGI to be reliable; however, ANGI does not give any representation or warranty (express or implied) as to the accuracy,
adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.
22
Non-GAAP Financial Disclosures |
In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-
GAAP measures together with the relevant US GAAP measures provides information that may enhance a user’s understanding of our results of operations and the underlying profitability
drivers of our business. These measures should be considered supplementary to our results in accordance with US GAAP and should not be view as a substitute for the corresponding US
GAAP measures.
Distributable Operating Earnings
Distributable operating earnings (“DOE”) is a non-GAAP measure used by management to assess operating results and the performance of the business. DOE is defined as net income after
applicable taxes, excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain
investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow
assumptions for future policy benefits and change in market risk benefits. DOE is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings
from our investments in certain associates. DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by
GAAP. DOE is, therefore, unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements
investors’ understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations.
Our presentation of DOE also provides investors enhanced comparability of our ongoing performance across years.
Total Equity, Excluding AOCI and NCI, Total Capitalization, Excluding AOCI and NCI, and Total Adjusted Common Stockholders’ Equity
Total equity, excluding AOCI and NCI and total capitalization, excluding AOCI and NCI are non-GAAP measures based on stockholders’ equity excluding the effect of AOCI and NCI.
Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful
supplemental information. NCI is excluded in order to provide a view of equity and capitalization attributable to American National Group Inc.
Total adjusted common stockholder's equity is a non-GAAP financial measure based on common stockholders' equity excluding the impact of AOCI and the accumulated after tax impact of
certain adjustments related to mark-to market gains and losses on derivatives and insurance contracts. These adjustments primarily include certain insurance reserve gains and losses,
including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and changes in
market risk benefits. We believe our presentation of this non-GAAP metric is useful to investors because it supplements investors' understanding of our operating performance by providing
information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of this non-GAAP metric provides investors
enhanced comparability of our ongoing performance across years.
Non-GAAP Net Investment Income
Non-GAAP net investment income is comprised of GAAP net investment income adjusted to exclude net investment income on non-annuity segments, exclude depreciation on investment
real estate, include mark to market gain/loss on alternative investments, include realized gain/loss on certain investments, and include the tax benefit of tax exempt investment income.
Annuity Cost of Funds
Annuity cost of funds is a non-GAAP measure which includes liability costs related to cost of crediting on fixed deferred and fixed indexed annuities as well as other liability costs. Cost of
crediting on fixed deferred annuities is the interest credited to the policyholders on our fixed strategies. Cost of crediting on fixed indexed annuities is the cost of option purchased to fund the
index credit and the impact of over or under hedging for the index credits. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit fair value changes, and
operating expenses net of premiums and product charge revenue. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying
profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.