American National Group Inc.ANG-PD
American National Group Inc. Debt Disclosure
20. Long Term Borrowings
The following is a summary of our long term borrowings:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
(Dollars in millions) | |||||||||||
Term Loan Credit Facility - due May 25, 2027 | $ | 98 | $ | 1,297 | |||||||
5.000% Senior Notes - due June 15, 2027 | 490 | 485 | |||||||||
5.750% Senior Notes - due October 1, 2029 | 596 | 595 | |||||||||
6.144% Senior Notes - due June 13, 2032 | 497 | 496 | |||||||||
6.000% Senior Notes - due July 15, 2035 | 692 | — | |||||||||
5.000% American Equity Capital Trust II - due June 1, 2047 | 84 | 84 | |||||||||
7.000% Fixed-Rate Reset Junior Subordinated Notes - due December 1, 2055 | 494 | — | |||||||||
| Total long term borrowings | $ | 2,951 | $ | 2,957 | |||||||
Term Loan Credit Facility - On May 7, 2024, the Company entered into a new $1.9 billion term loan agreement. The term loan will mature on May 25, 2027. Interest on the amount borrowed under the term loan is tied to SOFR plus a margin and is reset and paid quarterly. On October 2, 2024, the Company repaid $600 million under this agreement using proceeds of the Senior Notes issued on October 2, 2024. On June 27, 2025, the Company repaid $700 million under this agreement using proceeds of the 2035 Senior Notes issued on June 27, 2025. On October 29, 2025, the Company repaid $500 million under this agreement using proceeds from the capital contribution received from Brookfield Wealth Solutions along with additional funds. See Note 22 - Stockholders' Equity for additional information on the capital contribution received.
5.000% Senior Notes - As part of the acquisition of American Equity, the Company assumed $500 million aggregate principal amount of senior unsecured notes due 2027 which bear interest at 5.0% per year and will mature on June 15, 2027. Contractual interest is payable semi-annually in arrears each June 15th and December 15th.
5.750% Senior Notes - On October 2, 2024, the Company issued $600 million aggregate principal amount of 5.750% Senior Notes due 2029 (the “2029 Senior Notes”). The Company pays interest on the 2029 Senior Notes semi-annually in cash in arrears on April 1 and October 1 of each year, which began on April 1, 2025. At the Company’s option, the 2029 Senior Notes may be redeemed, in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date for the 2029 Senior Notes. We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our Term Loan Credit Facility.
6.144% Senior Notes - In June 2022, the Company issued $500 million of 6.144% unsecured Senior Notes maturing June 13, 2032. Interest is payable in arrears on June 13 and December 13 of each year. The proceeds from the Senior Notes were used to repay a portion of the Term Loan Agreement as noted below.
6.000% Senior Notes - On June 27, 2025, the Company issued $700 million aggregate principal amount of 6.000% Senior Notes due 2035 (the “2035 Senior Notes”). Interest on the 2035 Senior Notes is payable semi-annually on January 15 and July 15, beginning on January 15, 2026. The 2035 Senior Notes will mature on July 15, 2035; however the Company may, at its option, redeem some or all of the 2035 Senior Notes, at any time or from time to time prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date for the 2035 Senior Notes. We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our Term Loan Credit Facility.
5.000% American Equity Capital Trust II - Our wholly-owned subsidiary trust (which is not consolidated) has issued fixed rate and floating rate trust preferred securities and has used the proceeds from these offerings to purchase subordinated debentures from us. We also issued subordinated debentures to the trust in exchange for all of the common securities of the trust. The sole assets of the trust are the subordinated debentures and any interest accrued thereon. The interest payment dates on the subordinated debentures correspond to the distribution dates on the trust preferred securities issued by the trust. The trust preferred securities mature simultaneously with the subordinated debentures. Our obligations under the subordinated debentures and related agreements provide a full and unconditional guarantee of payments due under the trust preferred securities. The Company assumed this debt obligation as part of the acquisition of American Equity.
The principal amount of the subordinated debentures issued by us to American Equity Capital Trust II ("Trust II") is $100 million. The subordinated debentures will mature on June 1, 2047. These debentures were assigned a fair value of $75 million at the date of issue (based upon an effective yield-to-maturity of 6.8%). The difference between the fair value at the date of issue and the principal amount is being accreted over the life of the debentures. The trust preferred securities issued by Trust II were issued to Iowa Farm Bureau Federation, which owns a majority of FBL Financial Group, Inc. ("FBL"). The consideration received by Trust II in connection with the issuance of its trust preferred securities consisted of fixed income securities of equal value which were issued by FBL.
7.000% Fixed-Rate Reset Junior Subordinated Notes - On August 22, 2025, the Company issued $500 million aggregate principal amount of 7.000% Fixed-Rate Reset Junior Subordinated Notes due 2055 (the “2055 Notes”). The 2055 Notes are unsecured and junior subordinated obligations of the Company that rank equally in right of payment with all of the Company’s future equally-ranking junior subordinated indebtedness and that rank junior in right of payment to all of the Company’s existing and future senior indebtedness. The 2055 Notes are effectively subordinated to all of the existing and future indebtedness and other liabilities of the Company’s subsidiaries. The 2055 Notes bear interest (i) until, but excluding, December 1, 2030 (the “First Reset Date”), at the rate of 7.000% per annum and (ii) from, and including, December 1, 2030, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the applicable indenture) plus 3.183%, to be reset on each Reset Date (as defined in the applicable indenture), provided that such rate will not reset below 7.000%. The 2055 Notes will mature on December 1, 2055; however the Company may, at its option, redeem some or all of the 2055 Notes at any time or from time to time prior to their maturity (i) during the three-month period prior to, and including, the First Reset Date and (ii) after the First Reset Date, on any interest payment date, at the applicable redemption price, plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption for the 2055 Notes. We used the net proceeds from this offering to redeem the Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B as discussed in Note 22 - Stockholders' Equity.
The agreements above require the Company and its subsidiaries to maintain minimum net worth covenants. As of December 31, 2025 and 2024, the Company was in compliance with its financial covenants.
Redemptions
On February 15, 2022, the Company entered into a five-year, $300 million unsecured delayed draw term loan credit agreement. On July 6, 2022, we borrowed $300 million under this agreement. Interest was tied to Secured Overnight Financing Rate (“SOFR”) adjusted for a credit spread. In May 2024, the Company repaid in full all indebtedness and other obligations outstanding under, and terminated, this credit agreement using proceeds of the Term Loan Credit Facility issued on May 7, 2024 that is summarized above.
On May 25, 2022, the Company assumed a term loan agreement with a consortium of banks providing for five-year term loans in the aggregate principal amount of $1.5 billion maturing May 23, 2027 (the “Term Loan Agreement”). Interest is tied to SOFR and reset and paid quarterly. On June 13, 2022, the Company repaid $500 million under the Term Loan Agreement, and in May 2024 repaid the remaining $1.0 billion outstanding using proceeds of the Term Loan Credit Facility issued on May 7, 2024 that is summarized above. The Term Loan Agreement was subsequently terminated.
The following is the maturity by year on long term borrowings:
| Payments Due by Year | |||||||||||||||||||||||||||||||||||||||||
| Total | Unamortized Discount and Issuance Costs | 1-2 Years | 2-3 Years | 3-4 Years | 4-5 Years | More Than 5 Years | |||||||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2025: | |||||||||||||||||||||||||||||||||||||||||
Long term borrowings | $ | 2,951 | $ | (49) | $ | 600 | $ | — | $ | 600 | $ | — | $ | 1,800 | |||||||||||||||||||||||||||
As of December 31, 2024: | |||||||||||||||||||||||||||||||||||||||||
Long term borrowings | $ | 2,957 | $ | (43) | $ | — | $ | 1,800 | $ | — | $ | 600 | $ | 600 | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.