American National Announces Full Redemption of Outstanding Depositary Shares Representing Interests in its 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B and Intent to Voluntarily Delist and Deregister

Rhea-AI Summary

American National Group (NYSE: ANG PRB) has announced the complete redemption of its 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B and corresponding depositary shares. The redemption will occur on October 6, 2025, with holders receiving $25.00 per Depositary Share plus any declared but unpaid dividends.

The redemption affects 12,000 preferred shares and 12 million depositary shares. Following the redemption, American National plans to delist the Depositary Shares from NYSE and deregister them with the SEC. The deregistration is expected to become effective 90 days after filing Form 15.

Positive

• Full redemption price of $25.00 per Depositary Share provides clear exit value for holders
• Complete redemption indicates strong financial position to return capital to shareholders

Negative

• Delisting and deregistration of Depositary Shares reduces investment options for preferred shareholders
• Loss of 6.625% yield-generating security for income-focused investors

Insights

Corporate Finance Expert

American National's $300 million preferred stock redemption shows strong financial position but removes a steady 6.625% income source for investors.

American National's announcement to redeem all 12 million outstanding depositary shares representing interests in its Series B Preferred Stock is a significant corporate action with mixed implications. The company will pay $25.00 per depositary share, equating to approximately $300 million in total redemption value, plus any accrued but unpaid dividends.

This redemption eliminates what had been a 6.625% fixed-rate reset non-cumulative preferred stock from the company's capital structure. For the company, this suggests management believes they can either operate with less capital or replace this capital at more favorable terms in the current interest rate environment. The company is essentially exercising its call option on this preferred stock series, which is typically done when interest rates fall below the coupon rate of the existing securities.

For investors holding these shares, this redemption means the termination of what had been a relatively high-yield investment. They will receive their principal back at $25.00 per share plus any accrued dividends, but will lose future income streams that would have continued had the shares remained outstanding.

The subsequent delisting and deregistration from the NYSE following redemption is a standard procedural step since these securities will no longer exist. This action will reduce the company's regulatory reporting burden and associated costs related to maintaining the listing of these particular securities.

HOUSTON, Sept. 05, 2025 (GLOBE NEWSWIRE) -- American National Group Inc. (the “Company”) (NYSE: ANG PRB) today announced that the Company will redeem (the “Redemption”) all the 12,000 outstanding shares of its 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”) and the corresponding 12,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series B Preferred Stock (the “Depositary Shares”), on October 6, 2025 (the “Redemption Date”).

The Depositary Shares will be redeemed for a redemption price equal to $25.00 per Depositary Share (equivalent to $25,000 per share of Series B Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series B Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the Redemption Date (the “Redemption Price”).

The Depositary Shares are held through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc., the Company’s redemption agent (the “Redemption Agent”), in accordance with the terms set forth in the Redemption Agent Agreement that governs the redemption of the Depositary Shares. All questions about the notice of redemption and related materials should be directed to the Redemption Agent at the following address and phone number:

Computershare Inc.
Attention: Corporate Actions Department
150 Royall Street
Canton, MA 02021
Tel: 1-800-546-5141

Upon the Redemption, no Series B Preferred Stock or Depositary Shares will remain outstanding, and all rights with respect to such stock or depositary shares will cease and terminate except only the right of the holders of the Depositary Shares to receive the Redemption Price, without interest. The information contained in this press release does not constitute a notice of redemption with respect to the Series B Preferred Stock or Depositary Shares. Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they have a beneficial interest.

In connection with the Redemption, the Company intends to delist the Depositary Shares from the New York Stock Exchange (“NYSE”) and to deregister the Depositary Shares from registration with the Securities and Exchange Commission (the “SEC”). The Company intends to request that NYSE file with the SEC a notification of removal from listing and registration on Form 25 to effect the delisting of all of the Depositary Shares from NYSE. In addition, after the Redemption Date, the Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all of the Depositary Shares. Deregistration of the Depositary Shares is expected to become effective 90 days after the Form 15 is filed.

ABOUT AMERICAN NATIONAL GROUP INC.

American National Group Inc. offers a broad array of insurance products and services through its operating subsidiaries, American National and American Equity Life. Operating across 50 U.S. states, the group’s customer offering includes annuities, personal and commercial property and casualty insurance and life insurance. For more information, please visit AmericanNational.com/home/about-us/investor-relations.

Forward-Looking Statements

All statements contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as “anticipate,” “assume,” “believe,” “can,” “continue,” “could,” “enable,” “estimate,” “expect,” “foreseeable,” “goal,” “improve,” “intend,” “likely,” “may,” “model,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “remain,” “risk,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things, the factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025 and any other documents we file with the SEC.

Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements except as required by law. There can be no assurance that other factors not currently disclosed or anticipated by the Company will not materially adversely affect our results of operations or plans. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

Contact:
Steven Schwartz   
Treasurer, Head of Investor Relations
888-221-1234 ext. 3763
sschwartz@american-equity.com

FAQ

When will American National (ANG) redeem its Series B Preferred Stock?

American National will redeem the Series B Preferred Stock on October 6, 2025.

How much will ANG preferred shareholders receive per Depositary Share in the redemption?

Shareholders will receive $25.00 per Depositary Share plus any declared but unpaid dividends up to the redemption date.

How many Depositary Shares of ANG are being redeemed?

American National is redeeming 12 million Depositary Shares, representing 12,000 shares of Series B Preferred Stock.

What happens to ANG's Depositary Shares after the redemption?

After redemption, the Depositary Shares will be delisted from NYSE and deregistered with the SEC, with all rights terminating except the right to receive the redemption price.

How can ANG Depositary Share holders receive their redemption payment?

Holders should contact their bank or broker through which they hold their beneficial interest in the Depositary Shares to obtain the redemption payment. The shares are held through DTC and will be redeemed according to DTC procedures.