American National Group Inc.

Listed Company

ANG-PDCIK 0001039828NYSENon-AcceleratedLife InsuranceIowaFY ends Dec 31

Period

FY 2025

Revenue

$7.49B

Net Income

$533.00M

Total Assets

$130.26B

Equity

$9.67B

Shares Out

10.0K

Op. Cash Flow

$2.78B

Business

American National Group Inc. is an insurance and retirement services company focused on securing financial futures through underwriting and investment management conducted via its subsidiaries. It offers annuities (fixed index, fixed rate, pension risk transfer, immediate annuities), property and casualty coverages (property, casualty, specialty, run-off) and life insurance products (whole life, universal life, variable universal life). The company operates through three operating segments: Annuities, Property and Casualty, and Life Insurance. It distributes products across all 50 U.S. states, the District of Columbia and Puerto Rico through insurance subsidiaries, broker‑dealers, agents and institutional channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums	1,716	3,679	1,669	20	58
Other policy revenue	691	657	414	—	—
Net investment income	4,888	3,481	1,240	2,307	2,037
Investment related gains (losses)	92	−333	−2	−48	−13
Other income	100	35	74	42	16
Total revenues	7,487	7,519	3,395	1,414	3,690
Policyholder benefits and claims incurred	2,210	4,048	1,855	—	—
Interest sensitive contract benefits	2,026	1,745	480	—	—
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	1,008	587	112	—	—
Change in fair value of insurance-related derivatives and embedded derivatives	216	−94	36	−1,138	1,349
Change in fair value of market risk benefits	725	−3	−69	4	269
Operating expenses	725	701	430	—	—
Interest expense	183	165	99	—	—
Total benefits and expenses	7,093	7,149	2,943	−1,018	2,987
Net income before income taxes	394	370	452	2,432	703
Income tax expense (benefit)	−20	−199	43	511	150
Income from continuing operations	414	569	409	—	—
Income (loss) from discontinuing operations, net of tax	126	111	−12	—	—
Net income	540	680	397	1,921	553
Less: Net income (loss) from continuing operations attributable to noncontrolling interests, net of tax	7	−49	5	—	—
Net income attributable to American National Group Inc. stockholders	533	729	392	1,920	553
Less: Preferred stock dividends and redemption	64	33	0	44	44
Net income attributable to American National Group Inc. common stockholder	469	696	392	1,877	509

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-05-31
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $3 and $25, respectively; amortized cost of $56,854 and $45,371, respectively)	57,992	45,591	12,877	39,805	—
Equity securities, at fair value	1,179	611	1,404	—	—
Real estate and real estate partnerships (net of accumulated depreciation of $228 and $228, respectively)	5,800	4,656	3,611	1,056	—
Investment funds	3,187	3,012	1,592	—	—
Policy loans	234	274	390	—	—
Short-term investments, at estimated fair value	600	4,177	2,397	—	—
Other invested assets	1,485	2,007	120	1,817	—
Total investments	90,516	77,961	28,243	51,325	—
Cash and cash equivalents	11,660	10,867	3,192	1,920	—
Accrued investment income	799	736	196	498	—
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	11,513	10,504	803	699	1,738
Deferred tax asset	460	495	291	438	—
Reinsurance recoverables and deposit assets	9,255	9,862	427	13,255	—
Property and equipment (net of accumulated depreciation of $352 and $326, respectively)	161	154	168	—	—
Intangible assets (net of accumulated amortization of $154 and $56, respectively)	1,501	1,526	44	—	—
Goodwill	748	748	86	86	44
Other assets	2,822	2,617	541	643	—
Separate account assets	822	1,343	1,189	—	—
Assets related to discontinued operations	0	4,408	—	—	—
Total assets	130,257	121,221	35,885	73,184	—
Future policy benefits	10,962	9,170	6,108	—	—
Policyholders account balances	92,992	83,079	17,177	14,310	—
Policy and contract claims	410	396	1,870	1,786	1,496
Market risk benefits	4,536	3,655	34	2,455	—
Other policyholder funds	353	340	335	—	—
Notes payable	205	189	174	—	—
Long term borrowings	2,951	2,957	1,493	—	—
Funds withheld for reinsurance liabilities	3,088	3,321	0	—	—
Separate account liabilities	822	1,343	1,189	1,045	—
Liabilities related to discontinued operations	0	2,745	—	—	—
Total liabilities	120,588	111,193	29,986	70,813	—
Commitments and Contingencies (Note 27)	—	—	—	—	—
Additional paid-in capital	6,404	7,569	5,185	1,325	—
Accumulated other comprehensive income, net of taxes	1,094	340	−109	−3,746	—
Retained earnings	1,759	1,356	716	4,686	—
Non-controlling interests	120	78	107	21	—
Total equity	9,669	10,028	5,899	3,755	6,496
Total liabilities and equity	130,257	121,221	35,885	73,184	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Other policy revenue	−691	−657	−414	—	—
Accretion on investments	−681	−458	−151	3	20
Deferral of policy acquisition costs	−1,245	−860	−363	−199	−310
Gains on investments and derivatives	−512	−286	−103	—	—
Other losses (gains)	32	0	77	—	—
Provisions for credit losses	37	105	27	—	—
Income from real estate partnerships, investment funds and corporations	−378	−311	−100	—	—
Distributions from real estate partnerships, investment funds and corporations	250	390	80	—	—
Interest credited to policyholders' account balances	2,026	2,144	480	—	—
Change in fair value of embedded derivatives	531	405	36	—	—
Depreciation and amortization	168	70	50	14	6
Deferred income taxes	89	−105	50	—	—
Insurance-related liabilities	1,506	1,362	1,029	—	—
Premiums due and other receivables	−53	37	8	—	—
Funds withheld for reinsurance liabilities	−284	−452	0	—	—
Reinsurance recoverables and deposit assets	902	1,307	23	−187	−3,187
Accrued investment income	−63	−148	99	−53	−47
Working capital and other	−5	−1,116	−160	−153	12
Cash used by operating activities - discontinued operations	−269	−61	−3	—	—
Cash flows provided by operating activities	2,782	2,522	1,186	—	—
Acquisition of subsidiary, net of cash acquired	58	8,015	0	—	—
Disposition of subsidiary, net of cash disposed	−626	653	72	—	—
Available-for-sale fixed maturity securities	−17,221	−8,618	−2,124	−8,895	−9,207
Equity securities	−217	−332	−189	—	—
Mortgage loans on real estate	−1,776	−1,839	−604	−3,092	−2,387
Private loans	−3,234	−2,385	0	—	—
Investment real estate and real estate partnerships	−1,253	−217	−415	—	—
Investment funds	−2,513	−307	0	—	—
Short-term investments	−11,234	−13,024	−705	—	—
Other invested assets	−416	−89	−21	−1,843	−1,512
Available-for-sale fixed maturity securities	8,389	5,288	2,641	—	—
Equity securities	234	9	109	—	—
Mortgage loans on real estate	2,704	2,145	623	1,916	863
Private loans	1,250	713	0	—	—
Investment real estate and real estate partnerships	145	311	40	—	—
Investment funds	414	393	0	—	—
Short-term investments	14,673	10,815	0	—	—
Other invested assets	109	58	185	739	369
Purchases of derivatives	−1,183	−605	0	−790	−748
Proceeds from sales and maturities of derivatives	1,220	1,292	0	—	—
Purchase of intangibles and property and equipment	−61	−37	−133	—	—
Proceeds from sales of intangibles and property and equipment	0	35	0	—	—
Purchase of equity accounted investments	0	0	−739	—	—
Distributions from equity accounted investments	0	7	61	—	—
Change in collateral held for derivatives	283	−78	110	—	—
Other	128	−65	−213	—	—
Cash from investing activities - discontinued operations	381	382	1	—	—
Cash flows provided by (used in) investing activities	−9,746	2,520	−1,301	−2,455	−6,224
Contributions from (distributions to) shareholders	361	0	—	—	—
Issuance of preferred equity	292	0	0	0	0
Redemption of preferred equity	−700	0	0	—	—
Dividends paid to stockholders	−49	−33	−750	—	—
Borrowings from related parties	12	0	0	—	—
Repayment of borrowings to related parties	−41	−239	0	—	—
Borrowings from external parties	1,216	2,500	0	—	—
Repayment of borrowings to external parties	−1,200	−887	0	−4	0
Borrowings issued to reinsurance entities	3	0	—	—	—
Repayment of borrowings issued to reinsurance entities	4	−201	0	—	—
Policyholders account deposits	17,650	10,866	4,921	—	—
Policyholders account withdrawals	−10,299	−8,753	−2,281	—	—
Debt issuance costs	−13	−4	0	—	—
Payment related to recapture of reinsurance agreement	0	−114	0	—	—
Issuance of equity, noncontrolling interests	72	42	0	—	—
Distributions to noncontrolling interests	−14	−81	28	—	—
Cash flows provided by financing activities	7,294	3,096	1,918	−2,178	−2,595
Net change during the period	330	8,138	1,803	−2,589	−4,587
Cash interest paid	158	153	99	36	30
Available-for-sale fixed maturity securities received in connection with pension risk transfer transactions	175	1,629	0	—	—
Equity securities transferred as consideration paid for acquisition of a subsidiary	0	0	2,130	—	—
Non-cash deposit on reinsurance	0	3,394	0	—	—
Transfer of invested assets	0	−1,803	0	—	—
Available-for-sale fixed maturity securities received as proceeds from investment fund sales	786	0	0	—	—
Assets reverted in connection with pension termination	295	0	0	—	—
Private loans received as proceeds from other invested assets as part of common control transactions	638	0	0	—	—

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