American National Group Inc.ANG-PD
American National Group Inc. Segments Disclosure
26. Segment Reporting
Management organizes the business into two reporting segments:
–Annuities - consists of fixed, fixed index, and variable annuity products, as well as PRT contracts and funding agreements. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents.
–Life Insurance - consists primarily of whole, term, universal, indexed and variable life insurance sold through career, multiple-line, and independent agents as well as direct marketing channels. American National ceased selling new life insurance policies through its multiple-line and independent agent distribution channels effective May 31, 2025. American National continues to sell certain life insurance products through its career agent distribution channel.
Corporate and other consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations.
Prior to October 1, 2025, the Company was organized into three segments, annuities, life insurance, and property and casualty. As discussed in Note 28 - Discontinued Operations, the Company completed the transfer of the P&C Subsidiaries on October 1, 2025. The transfer represented a strategic shift for ANGI and accordingly, the property and casualty segment is no longer a segment. The prior period disclosures below have been recast to present segment information on a comparative basis.
These segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) for the purpose of allocating resources to the segment and to assess its performance. The Company’s CODM has been identified as the Brookfield Wealth Solutions Chief Executive Officer and the Brookfield Wealth Solutions Chief Financial Officer.
The key measure used by the CODM in assessing performance and in making resource allocation decisions is Distributable Operating Earnings (“DOE”). DOE provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Annuities and Life Insurance segments.
DOE is calculated 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, change in the fair value of embedded derivatives, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and the Company’s share of adjusted earnings from investments in certain associates. DOE allows the CODM to evaluate the Company’s segments on the basis of return on invested capital generated by its operations and allows the Company to evaluate the performance of its segments.
The tables below provide each segment’s results in the format that the CODM reviews its reporting segments to make decisions and assess performance.
| Year Ended December 31, 2025 | |||||||||||||||||
| Annuities | Life Insurance | Total | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Net premiums and other policy related revenues | $ | 2,091 | $ | 396 | |||||||||||||
| Net investment income, including reinsurance funds withheld | 5,107 | 207 | |||||||||||||||
| Segment revenues (1)(2) | 7,198 | 603 | $ | 7,801 | |||||||||||||
| Policyholder benefits, net | 1,787 | 340 | |||||||||||||||
| Interest sensitive contract benefits, excluding index credits | 2,011 | 6 | |||||||||||||||
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 915 | 38 | |||||||||||||||
| Other insurance and reinsurance expenses (3) | 407 | — | |||||||||||||||
| Operating expenses, excluding transactions costs | 481 | 66 | |||||||||||||||
| Segment DOE | $ | 1,597 | $ | 153 | 1,750 | ||||||||||||
| Corporate and other DOE | (400) | ||||||||||||||||
| Depreciation and amortization expenses | (170) | ||||||||||||||||
| Deferred income tax recovery (expense) relating to basis and other changes | 343 | ||||||||||||||||
| Transaction costs | (54) | ||||||||||||||||
| Mark-to-market gains (losses) on investments, including reinsurance funds withheld | (459) | ||||||||||||||||
| Mark-to-market gains (losses) on insurance contracts and other net assets | (667) | ||||||||||||||||
Income from continuing operations (4) | $ | 343 | |||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| Annuities | Life Insurance | Total | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Net premiums and other policy related revenues | $ | 3,681 | $ | 657 | |||||||||||||
| Net investment income, including reinsurance funds withheld | 3,139 | 362 | |||||||||||||||
| Segment revenues (1)(2) | 6,820 | 1,019 | $ | 7,839 | |||||||||||||
| Policyholder benefits, net | 3,559 | 493 | |||||||||||||||
| Interest sensitive contract benefits, excluding index credits | 1,208 | 53 | |||||||||||||||
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 486 | 48 | |||||||||||||||
| Other insurance and reinsurance expenses (3) | 157 | — | |||||||||||||||
| Operating expenses, excluding transactions costs | 265 | 219 | |||||||||||||||
| Income tax expense (recovery), net | 72 | 12 | |||||||||||||||
| Segment DOE | $ | 1,073 | $ | 194 | 1,267 | ||||||||||||
| Corporate and other DOE | (172) | ||||||||||||||||
| Depreciation and amortization expenses | (76) | ||||||||||||||||
| Deferred income tax recovery (expense) relating to basis and other changes | 366 | ||||||||||||||||
| Transaction costs | (189) | ||||||||||||||||
| Mark-to-market gains (losses) on investments, including reinsurance funds withheld | (444) | ||||||||||||||||
| Mark-to-market gains (losses) on insurance contracts and other net assets | (167) | ||||||||||||||||
Income from continuing operations (4) | $ | 585 | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| Annuities | Life Insurance | Total | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Net premiums and other policy related revenues | $ | 1,052 | $ | 876 | |||||||||||||
| Net investment income, including reinsurance funds withheld | 983 | 281 | |||||||||||||||
| Segment revenues (1)(2) | 2,035 | 1,157 | $ | 3,192 | |||||||||||||
| Policyholder benefits, net | 1,118 | 622 | |||||||||||||||
| Interest sensitive contract benefits, excluding index credits | 455 | 66 | |||||||||||||||
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 20 | 44 | |||||||||||||||
| Other insurance and reinsurance expenses (3) | (30) | — | |||||||||||||||
| Operating expenses, excluding transactions costs | 80 | 222 | |||||||||||||||
| Income tax expense (recovery), net | (8) | 5 | |||||||||||||||
| Segment DOE | $ | 400 | $ | 198 | 598 | ||||||||||||
| Corporate and other DOE | 2 | ||||||||||||||||
| Depreciation and amortization expenses | (19) | ||||||||||||||||
| Deferred income tax recovery (expense) relating to basis and other changes | (50) | ||||||||||||||||
| Transaction costs | (12) | ||||||||||||||||
| Mark-to-market gains (losses) on investments, including reinsurance funds withheld | (139) | ||||||||||||||||
| Mark-to-market gains (losses) on insurance contracts and other net assets | 24 | ||||||||||||||||
Income from continuing operations (4) | $ | 404 | |||||||||||||||
(1)For the years ended December 31, 2025, 2024 and 2023 there were no material intersegment revenues.
(2)Our consolidated revenues in the Consolidated Statements of Operations principally represent the sum of “Segment revenues” and “Mark-to-market gains (losses) on investments, including reinsurance funds withheld” in the tables above.
(3)“Other insurance and reinsurance expenses” primarily represent “Change in fair value of market risk benefits” excluding the effect of changes in market risks (e.g., interest rates, equity markets and equity index volatility), net of reinsurance. See Note 19 - Market Risk Benefits for the details of market risk benefits.
(4)Income from continuing operations is net income attributable to American National Group Inc. common stockholder less income (loss) from discontinuing operations, net of tax.
The Company’s Annuities segment offers annuity-based products to individuals and institutions. Total premium revenues recorded within Annuities segment for the years ended December 31, 2025, 2024 and 2023 were primarily from PRT transactions with institutions in the United States and United Kingdom. Premiums received from retail annuities are generally recorded as deposits and are not included in net premiums.
The Company’s Life Insurance business is principally provided by American National. Total premium revenues recorded within this segment for the years ended December 31, 2025, 2024 and 2023 were primarily from transactions with U.S. retail customers.
In addition to DOE, the CODM also monitors the assets, including investments accounted for using the equity method, liabilities and equity attributable to each segment.
| Annuities | Life Insurance | Total (1) | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
As of December 31, 2025 | |||||||||||||||||
| Assets | $ | 118,834 | $ | 8,872 | $ | 127,706 | |||||||||||
| Liabilities | 108,829 | 8,016 | 116,845 | ||||||||||||||
| Equity | 10,005 | 856 | 10,861 | ||||||||||||||
As of December 31, 2024 | |||||||||||||||||
| Assets | $ | 107,208 | $ | 9,232 | $ | 116,440 | |||||||||||
| Liabilities | 98,851 | 6,396 | 105,247 | ||||||||||||||
| Equity | 8,357 | 2,836 | 11,193 | ||||||||||||||
(1)Table excludes amounts related to Corporate and other which is not a reportable segment for ANGI.
A subsidiary of American National held $1.4 billion and $1.3 billion of assets pledged under a coinsurance reinsurance agreement with a customer domiciled in the United Kingdom as of December 31, 2025 and 2024, respectively. There were no other material assets held in jurisdictions outside of the United States as of December 31, 2025 and 2024.
A subsidiary of American National generated $1.3 billion of revenue from a transaction with a customer domiciled in the United Kingdom during the year ended December 31, 2024. See Note 12 - Reinsurance for the details. Other than that transaction, there was no material revenue generated in jurisdictions outside of the United States for the years ended December 31, 2025, 2024 and 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.