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Annuity growth drives American National (ANG) 2025 operating results

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

American National Group Inc. released its Q4 and full-year 2025 financial supplement, highlighting strong annuity growth but lower GAAP earnings. For 2025, GAAP net income attributable to common stockholders was $469 million, down from $696 million, while distributable operating earnings rose to $1,350 million from $1,095 million, a 23% increase.

Total assets grew 7% to $130,257 million and total investments reached $90,516 million, with most fixed maturities rated NAIC 1–2. Net annuity sales for 2025 were $19,465 million, up 43%, and the annuity net investment spread for the year was 1.8% on average invested assets of $89,678 million. Non‑performing commercial mortgage loans remained low at $114 million, about 1% of the commercial mortgage portfolio.

Positive

  • Distributable operating earnings grew strongly: DOE rose to $1,350 million in 2025 from $1,095 million, a 23% increase, reflecting improved underlying operating performance despite GAAP volatility.
  • Annuity franchise expansion: Total net annuity sales reached $19,465 million in 2025 versus $13,582 million, up 43%, with total gross annuity sales of $19,510 million supporting higher average invested assets and spreads.

Negative

  • GAAP earnings declined: Net income attributable to American National Group Inc. common stockholder fell to $469 million in 2025 from $696 million, a 33% decrease, highlighting sensitivity to investment and reserve volatility.

Insights

Non-GAAP profitability and annuity flows strengthened in 2025 despite weaker GAAP earnings.

American National Group Inc. shows a notable shift from GAAP to operating performance metrics. GAAP net income attributable to common stockholders fell to $469 million from $696 million, yet distributable operating earnings climbed to $1,350 million, up 23% year over year.

Growth is driven largely by the annuity franchise. Net annuity sales reached $19,465 million in 2025 versus $13,582 million, a 43% increase, while the annualized annuity investment spread was 1.8% on a much larger average invested asset base of $89,678 million. This points to scale benefits even as crediting costs rose.

Asset quality metrics appear stable. Total investments were $90,516 million, with a high concentration of NAIC 1–2 fixed maturities and non‑performing commercial mortgage loans at about 1% of that loan book. Future results will depend on maintaining spreads and credit performance as the larger annuity block seasons.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
GAAP net income to common 2025 $469 million Net income attributable to American National Group Inc. common stockholder for 2025 vs $696 million in 2024
Distributable operating earnings 2025 $1,350 million Non-GAAP DOE for 2025 vs $1,095 million in 2024, up 23%
Total assets $130,257 million Total assets as of December 31, 2025 vs $121,221 million a year earlier
Total investments $90,516 million Total investments at GAAP carrying value as of December 31, 2025
Net annuity sales 2025 $19,465 million Total net annuity sales for 2025 vs $13,582 million in 2024, up 43%
Annuity net investment spread 1.8% Total net investment spread for twelve months ended December 31, 2025
Average invested assets $89,678 million Average invested assets used in spread calculation for 2025 vs $74,356 million in 2024
Non-performing commercial mortgage loans $114 million Non-performing commercial mortgage loans at December 31, 2025, about 1% of total commercial mortgage loans
Distributable operating earnings financial
"Distributable operating earnings (“DOE”) is a non-GAAP measure used by management to assess operating results"
Distributable operating earnings is the portion of a company’s operating cash flow that management considers available to pay dividends or distributions to owners after covering regular business expenses and predictable upkeep costs. Think of it like the money left in your household budget after paying bills and setting aside funds for routine repairs — it signals how much cash a business can sustainably return to investors without tapping into one-time gains or debt.
Accumulated other comprehensive income financial
"Total equity, excluding AOCI and NCI are non-GAAP measures based on stockholders’ equity excluding the effect of AOCI and NCI"
Accumulated other comprehensive income is a running total on a company’s balance sheet that records certain gains and losses not included in reported profit, such as unrealized gains or losses on some investments, currency translation differences, and pension plan adjustments. Think of it like items in a shopping cart you haven’t paid for yet: it doesn’t affect current profit but changes the company’s overall equity and signals potential future swings in value that investors should watch.
Market risk benefits financial
"Change in fair value of market risk benefits | 101 | 310 | (47) | 361 | (295)"
Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.
Coinsurance funds withheld investments financial
"Investments held by American National Group Inc. in a segregated account to support liabilities reinsured under coinsurance with funds withheld"
NAIC designation financial
"Assets with NAIC Designation | Fixed maturities, available-for-sale, at fair value"
Surrender charge exposure financial
"Surrender Charge Exposure (Dollars in millions)"
Total revenue 2025 $7,487 million ≈ flat vs $7,519 million in 2024
Net income attributable to ANGI stockholders 2025 $533 million -27% vs $729 million in 2024
Net income to common stockholder 2025 $469 million -33% vs $696 million in 2024
Distributable operating earnings 2025 $1,350 million +23% vs $1,095 million in 2024
Net annuity sales 2025 $19,465 million +43% vs $13,582 million in 2024
Understanding 8-K Material Events →
0001039828false00010398282026-04-092026-04-09

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): April 09, 2026
AMERICAN NATIONAL GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware001-3191142-1447959
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
One Moody Plaza
Galveston, TX 77550
(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:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Depositary Shares, each representing a 1/1,000th interest in a share of 7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series DANGpDNew York Stock Exchange

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 April 9, 2026, American National Group Inc. (the "Company") made available on its website the Company's financial supplement for the fourth quarter and year ended December 31, 2025, 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
Quarterly Financial Supplement for American National Group Inc. for the fourth quarter and year ended December 31, 2025
104The 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: April 9, 2026
 AMERICAN NATIONAL GROUP INC. 
    
    
By:/s/ Reza Syed 
 Reza Syed 
 Chief Financial Officer and Executive Vice President 


Exhibit 99.1
ae_logo.jpg
       
anlogo.jpg
American National Group Inc.
December 31, 2025
Financial Supplement
Table of Contents
Financial Summary
3
GAAP Balance Sheet
4
Income Statement
5
Distributable Operating Income Reconciliation
6
Adjusted Equity Reconciliation
7
Invested Assets
8
Credit Quality of Investments
9
Mortgage Loans
12
Private Loans
14
Financial Strength Ratings
15
Capitalization
16
Annuity Investment Spread
17
Annuity Cost of Funds Reconciliation
18
Annuity Sales
19
Surrender Charge Exposure
20
Legal Notice
21
Non-GAAP Financial Disclosures
22
3
Financial Summary
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
QoQ
YoY
2025
2024
YTD
Income
GAAP net income (loss)
$356
$208
$141
$(236)
$638
71%
(44)%
$469
$696
(33)%
Distributable operating earnings (a)
360
329
320
341
339
9%
6%
1,350
1,095
23%
Balance Sheet
Total assets
$130,257
$130,559
$126,345
$123,434
$121,221
—%
7%
$130,257
$121,221
7%
Total liabilities
120,588
119,578
116,128
113,389
111,193
1%
8%
120,588
111,193
8%
Total equity
9,669
10,981
10,217
10,045
10,028
(12)%
(4)%
9,669
10,028
(4)%
Total common stockholders' equity (a)
9,257
10,170
9,494
9,374
9,265
(9)%
—%
9,257
9,265
—%
Total adjusted common stockholders'
equity (a)
9,533
10,325
9,961
9,610
9,307
(8)%
2%
9,533
9,307
2%
Twelve Months
Ended
December 31,
2025
Annuity investment spread
1.8%
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
December 31, 2025
December 31, 2024
YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value
$57,992
$45,591
27%
Equity securities, at fair value
1,179
611
93%
Mortgage loans on real estate, at amortized cost
11,113
11,986
(7)%
Other invested assets
20,232
19,773
2%
Total investments
90,516
77,961
16%
Cash and cash equivalents
11,660
10,867
7%
Accrued investment income
799
736
9%
Deferred policy acquisition costs, deferred sales inducements and
value of business acquired
11,513
10,504
10%
Reinsurance recoverables and deposit assets
9,255
9,862
(6)%
Intangible assets
1,501
1,526
(2)%
Other assets
4,191
4,014
4%
Separate account assets
822
1,343
(39)%
Assets related to discontinued operations
—
4,408
Total assets
$130,257
$121,221
7%
Liabilities
Future policy benefits
$10,962
$9,170
20%
Policyholders' account balances
92,992
83,079
12%
Policy and contract claims
410
396
4%
Market risk benefits
4,536
3,655
24%
Long term borrowings
2,951
2,957
—%
Funds withheld for reinsurance liabilities
3,088
3,321
(7)%
Other liabilities
4,827
4,527
7%
Separate account liabilities
822
1,343
(39)%
Liabilities related to discontinued operations
—
2,745
Total liabilities
120,588
111,193
8%
Equity
Preferred stock
292
685
(57)%
Additional paid-in capital
6,404
7,569
(15)%
Accumulated other comprehensive income (loss), net of taxes
1,094
340
222%
Retained earnings
1,759
1,356
30%
Non-controlling interests
120
78
54%
Total equity
9,669
10,028
(4)%
Total liabilities and equity
$130,257
$121,221
7%
5
GAAP Income Statement
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
QoQ
YoY
2025
2024
YTD
Revenues
Premiums
$698
$206
$354
$458
$2,022
239%
(65)%
$1,716
$3,679
(53)%
Other policy revenue
189
181
172
149
153
4%
24%
691
657
5%
Net investment income
1,256
1,242
1,139
1,251
1,195
1%
5%
4,888
3,481
40%
Investment related gains (losses)
133
(33)
(11)
3
(92)
503%
245%
92
(333)
128%
Other income
23
22
27
28
31
5%
(26)%
100
35
186%
Total revenue
2,299
1,618
1,681
1,889
3,309
42%
(31)%
7,487
7,519
—%
Benefits and Expenses
Policyholder benefits and claims incurred
828
270
510
602
2,131
207%
(61)%
2,210
4,048
(45)%
Interest sensitive contract benefits
506
523
485
512
677
(3)%
(25)%
2,026
1,745
16%
Amortization of DAC, DSI and VOBA
256
268
246
238
207
(4)%
24%
1,008
587
72%
Change in FV of insurance-related derivatives and
embedded derivatives
73
(187)
131
199
(440)
139%
117%
216
(94)
330%
Change in fair value of market risk benefits
101
310
(47)
361
(295)
(67)%
134%
725
(3)
NM
Total benefits
1,764
1,184
1,325
1,912
2,280
49%
(23)%
6,185
6,283
(2)%
Operating expenses
215
118
168
224
164
82%
31%
725
701
3%
Interest expense
43
47
49
44
51
(9)%
(16)%
183
165
11%
Total benefits and expenses
2,022
1,349
1,542
2,180
2,495
50%
(19)%
7,093
7,149
(1)%
Income tax expense (benefit)
(94)
109
27
(62)
162
(186)%
(158)%
(20)
(199)
90%
Income (loss) from continuing operations
371
160
112
(229)
652
132%
(43)%
414
569
(27)%
Income (loss) from discontinuing operations, net
of tax
—
58
42
26
(1)
(100)%
100%
126
111
14%
Net income (loss)
371
218
154
(203)
651
70%
(43)%
540
680
(21)%
Less: Net income (loss) from continuing
operations attributable to noncontrolling
interests, net of tax
3
(1)
2
3
2
400%
50%
7
(49)
114%
Net income (loss) attributable to American National
Group Inc. stockholders
368
219
152
(206)
649
68%
(43)%
533
729
(27)%
Less: Preferred stock dividends and redemption (a)
12
11
11
30
11
9%
9%
64
33
94%
Net income (loss) attributable to American National
Group Inc. common stockholder
$356
$208
$141
$(236)
$638
71%
(44)%
$469
$696
(33)%
(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
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
QoQ
YoY
2025
2024
YTD
Income (loss) from continuing operations (a)
$356
$150
$99
$(262)
$640
137%
(44)%
$343
$585
(41)%
Net investment gains, including reinsurance funds
withheld
33
165
186
75
862
(80)%
(96)%
459
444
3%
Mark-to-market on insurance contracts and other
net assets
70
(21)
36
582
(1,300)
433%
105%
667
167
299%
Deferred income tax expense (recovery)
(171)
10
(44)
(138)
84
NM
(304)%
(343)
(366)
6%
Depreciation
45
35
38
52
28
29%
61%
170
76
124%
Transaction costs
27
(10)
5
32
25
370%
8%
54
189
(71)%
Distributable operating earnings (b)
$360
$329
$320
$341
$339
9%
6%
$1,350
$1,095
23%
Pre-Tax Distributable Operating Earnings by
Segment
Annuity
$429
$389
$372
$407
$346
10%
24%
$1,597
$1,146
39%
Life
44
37
40
32
41
19%
7%
153
206
(26)%
Pre-tax segment distributable operating earnings (b)
473
426
412
439
387
11%
22%
1,750
1,352
29%
Corporate and other DOE
(33)
(24)
(22)
(21)
(63)
(38)%
48%
(100)
(117)
15%
Tax expense
(80)
(73)
(70)
(77)
15
(10)%
(633)%
(300)
(140)
(114)%
Distributable operating earnings
$360
$329
$320
$341
$339
9%
6%
$1,350
$1,095
23%
(a)Income 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
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
QoQ
YoY
2025
2024
YTD
Total equity
$9,669
$10,981
$10,217
$10,045
$10,028
(12)%
(4)%
$9,669
$10,028
(4)%
Non-controlling interests
(120)
(223)
(135)
(83)
(78)
46%
(54)%
(120)
(78)
(54)%
Equity available to preferred stockholders
(292)
(588)
(588)
(588)
(685)
50%
57%
(292)
(685)
57%
Total common stockholders' equity (a)
9,257
10,170
9,494
9,374
9,265
(9)%
—%
9,257
9,265
—%
Accumulated other comprehensive income
(AOCI)
(1,094)
(1,132)
(664)
(670)
(340)
3%
(222)%
(1,094)
(340)
(222)%
Accumulated impact of mark-to-market losses
(gains) on derivatives and insurance contracts
1,370
1,287
1,131
906
382
6%
259%
1,370
382
259%
Total adjusted common stockholders' equity (a)
$9,533
$10,325
$9,961
$9,610
$9,307
(8)%
2%
$9,533
$9,307
2%
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
8
Invested Assets
(Dollars in millions)
December 31, 2025
December 31, 2024
GAAP
Carrying
Value
Book
Value
Unrealized
Gain/(Loss)
GAAP
Carrying
Value
Book
Value
Unrealized
Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government
$68
$68
$—
$66
$67
$(1)
U.S. states and political subdivisions
2,910
2,827
83
2,920
2,905
15
Foreign governments
1,169
1,118
51
1,539
1,566
(27)
Corporate debt securities
41,514
40,745
769
29,624
29,527
97
Residential mortgage-backed securities
678
641
37
850
831
19
Commercial mortgage-backed securities
3,015
2,946
69
2,687
2,646
41
Collateralized debt securities
5,855
5,801
54
4,946
4,903
43
Total fixed maturity, available-for-sale
55,209
54,146
1,063
42,632
42,445
187
Equity securities:
Common and preferred stock
1,161
1,083
78
589
635
(46)
Private equity and other
—
—
—
4
4
—
Total equity securities
1,161
1,083
78
593
639
(46)
Other investments:
Mortgage loans on real estate, net of
allowance
11,030
11,030
—
11,924
11,924
—
Private loans, net of allowance
8,886
8,886
—
5,568
5,568
—
Real estate and real estate partnerships
5,800
5,800
—
4,656
4,656
—
Investments funds
3,187
3,187
—
3,012
3,012
—
Policy loans
234
234
—
274
274
—
Short-term investments
600
600
—
4,176
4,176
—
Other invested assets
1,485
1,485
—
2,007
2,007
—
Total investments, net of coinsurance funds
withheld investments
87,592
86,451
1,141
74,842
74,701
141
Coinsurance funds withheld investments (a)
2,924
2,849
75
3,119
3,086
33
Total investments
$90,516
$89,300
$1,216
$77,961
$77,787
$174
(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)
December 31, 2025
December 31, 2024
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
$29,481
32%
$24,622
32%
2
23,414
26%
15,920
21%
3
1,374
2%
1,454
2%
4
475
1%
328
—%
5
59
—%
116
—%
6
18
—%
2
—%
Total fixed maturities, available-for-sale
54,821
61%
42,442
55%
Assets without NAIC Designation
Fixed maturities, at fair value
388
—%
190
—%
Equity securities, at fair value
1,161
1%
593
1%
Mortgage loans
11,030
12%
11,924
15%
Private Loans
8,886
10%
5,568
7%
Real estate and real estate partnerships
5,800
6%
4,656
6%
Investment funds
3,187
4%
3,012
4%
Policy loans
234
—%
274
—%
Short-term investments
600
1%
4,176
5%
Other invested assets
1,485
2%
2,007
3%
32,771
36%
32,400
41%
Total investments, net of coinsurance funds withheld
investments
87,592
97%
74,842
96%
Coinsurance funds withheld investments (a)
2,924
3%
3,119
4%
Total investments
$90,516
100%
$77,961
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)
December 31, 2025
December 31, 2024
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Available-for-sale:
U.S. treasury and government (a)
$68
—%
$66
—%
U.S. states and political subdivisions (a)
2,910
5%
2,920
6%
Foreign governments (a)
1,169
2%
1,539
3%
Corporate debt securities
41,514
72%
29,624
65%
Residential mortgage-backed securities
678
1%
850
2%
Commercial mortgage-backed securities
3,015
5%
2,687
6%
Collateralized debt securities
5,855
10%
4,946
11%
Total fixed maturities, available-for-sale, net of coinsurance
funds withheld investments
55,209
95%
42,632
94%
Coinsurance funds withheld investments (b)
2,783
5%
2,959
6%
Total fixed maturities, available-for-sale
$57,992
100%
$45,591
100%
Corporate debt securities
NAIC designation
1
$19,778
48%
$13,976
47%
2
20,288
50%
14,167
48%
3
923
2%
1,032
3%
4
180
—%
259
1%
5
4
—%
62
—%
6
—
—%
—
—%
Total U.S. corporate debt securities (c)
$41,173
100%
$29,496
100%
Residential mortgage-backed securities
NAIC designation
1
$659
96%
$802
95%
2
2
—%
7
1%
3
4
2%
27
3%
4
2
—%
11
1%
5
11
2%
2
—%
6
—
—%
1
—%
Total Residential mortgage-backed securities
$678
100%
$850
100%
Commercial mortgage-backed securities
NAIC designation
1
$2,613
88%
$2,339
89%
2
206
7%
184
7%
3
77
2%
37
2%
4
45
2%
34
1%
5
9
—%
30
1%
6
17
1%
1
—%
Total Commercial mortgage-backed securities (d)
$2,967
100%
$2,625
100%
11
Credit Quality of Investments - Detail
(Dollars in millions)
December 31, 2025
December 31, 2024
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Collateralized debt securities
NAIC designation
1
$2,744
47%
$3,351
68%
2
2,512
43%
1,251
25%
3
334
6%
324
7%
4
248
4%
19
—%
5
17
—%
1
—%
6
—
—%
—
—%
Total Collateralized debt securities
$5,855
100%
$4,946
100%
(a)Over 95% 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 $294 million at December 31, 2025 and $102 million at December 31, 2024. Also
excludes $47 million of investments in variable interest entities not directly held by American National Group Inc. at December 31, 2025 and $26
million at December 31, 2024.
(d)Excludes securities that are not rated with a carrying value of $21 million at December 31, 2025 and $39 million at December 31, 2024. Also excludes
$27 million of investments in variable interest entities not directly held by American National Group Inc. at December 31, 2025 and $23 million at
December 31, 2024.
12
Mortgage Loans
(Dollars in millions)
December 31, 2025
December 31, 2024
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans
Agricultural
$349
4%
$447
5%
Apartment
2,294
26%
2,223
24%
Hotel
967
11%
1,188
13%
Industrial
1,775
21%
1,837
20%
Office
1,435
16%
1,425
15%
Parking
207
2%
326
3%
Retail
1,352
15%
1,559
16%
Storage
114
1%
176
2%
Other
224
3%
200
2%
Total commercial mortgage loans, net of coinsurance funds
withheld investments
8,717
99%
9,381
99%
Coinsurance funds withheld investments (a)
83
1%
62
1%
Total commercial mortgage loans (b)
$8,800
100%
$9,443
100%
Non-performing commercial mortgage loans
Total non-performing commercial mortgage loans
$114
1%
$117
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 $87 million and $144 million at December 31, 2025 and December 31,
2024, respectively.
13
Mortgage Loans - Exposure
(Dollars in millions)
December 31, 2025
December 31, 2024
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans - Exposure by LTV
0-50%
$2,668
32%
$3,217
35%
50-60%
3,118
37%
3,055
33%
60-70%
1,863
22%
2,601
28%
70% +
699
8%
314
3%
Total commercial mortgage loans, net of coinsurance funds
withheld investments
8,348
99%
9,187
99%
Coinsurance funds withheld investments (a)
82
1%
62
1%
Total commercial mortgage loans (b) (c)
$8,430
100%
$9,249
100%
Average LTV
52%
50%
December 31, 2025
December 31, 2024
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans - Exposure by CM Rating
CM1
$3,579
43%
$3,777
41%
CM2
2,699
32%
3,154
34%
CM3
1,780
21%
1,936
21%
CM4
116
1%
186
2%
CM5
50
1%
84
1%
CM6
105
1%
49
—%
CM7
19
—%
1
—%
Total commercial mortgage loans, net of coinsurance funds
withheld investments
8,348
99%
9,187
99%
Coinsurance funds withheld investments (a)
82
1%
62
1%
Total commercial mortgage loans (b) (c)
$8,430
100%
$9,249
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 $370 million and $194 million investments in variable interest entities not directly held by American National Group Inc.’s regulated
insurance entities at December 31, 2025 and December 31, 2024, respectively.
(c)Total commercial mortgage loans excludes the allowance for credit losses of $87 million and $144 million at December 31, 2025 and December 31,
2024, respectively.
14
Private Loans by Credit Rating and Industry Sector
(Dollars in millions)
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
December 31, 2024
A or higher
BBB
BB and below
Unrated (a)
Total
Asset-based finance
$736
$—
$3
$54
$793
Consumer
115
—
—
27
142
Financials
214
55
225
86
580
Industrial
72
184
301
1,526
2,083
Real estate
—
402
—
894
1,296
Software
—
—
21
282
303
Telecommunications
—
—
60
—
60
Utilities
217
18
76
—
311
Total private loans, net of coinsurance funds
withheld investments
1,354
659
686
2,869
5,568
Coinsurance funds withheld investments (b)
69
10
—
—
79
Total private loans (c)
$1,423
$669
$686
$2,869
$5,647
(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 $149 million and $63 million at December 31, 2025 and December 31, 2024,
respectively.
15
Financial Strength and Credit Ratings
(Dollars in millions)
Financial Strength Ratings
AM
Best
Standard
& Poor's
Fitch
Line of Business
December
31, 2025
Statutory
Liability
Balance
American Equity Life Insurance Company
A
A
A
Life & retirement
$59,937
American National Insurance Company
A
A
A
Life & retirement
40,526
Eagle Life Insurance Company
A
A
A
Life & retirement
4,785
American National Life Insurance Company of New York
A
A
A
Life & retirement
1,993
American Equity Life Insurance Company of New York
A
A
A
Life & retirement
75
American National Life Insurance Company of Texas
A
-
-
Life & retirement
5
Garden State Life Insurance Company
Au
-
-
Life & retirement
4
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 $53,989 million of statutory
liabilities associated with these agreements at December 31, 2025.
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
98
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
5%
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
490
4%
BBB / BBB
5.00%
June 2017
June 2027
Subordinated Debentures
84
1%
5.00%
October 1999
June 2047
Total Long Term Borrowings
2,951
26%
Perpetual Preferred Shares - Series D
292
3%
BB+ / BB+
7.38%
January 2025
Perpetual
Total Common Stockholders' Equity
9,377
82%
Total Equity
9,669
85%
Accumulated Other Comprehensive Income (AOCI)
1,094
10%
Non-Controlling Interests (NCI)
120
1%
Total Equity, Excluding AOCI and NCI (b)
8,455
74%
Total Capitalization, Excluding AOCI and NCI (b)
$11,406
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
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
QoQ
YoY
2025
2024
YTD
Non-GAAP net investment income (a)
$1,347
$1,285
$1,238
$1,238
$1,083
5%
24%
$5,108
$3,126
63%
Cost of funds
918
899
868
924
748
2%
23%
3,609
1,991
81%
Total net investment spread
$429
$386
$370
$314
$335
11%
28%
$1,499
$1,135
32%
Average invested assets
$89,678
$85,993
$83,173
$80,139
$74,356
4%
21%
$89,678
$74,356
21%
Twelve months
ended December
31, 2025
Yield on net invested assets
6.0%
Aggregate cost of funds
4.3%
Total net investment spread
1.8%
(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 $91 million in Q4 2025, $43 million in Q3
2025, $99 million in Q2 2025, $13 million in Q1 2025, and $112 million in Q4 2024.
18
Reconciliation of Benefits and Expenses to Cost of Funds
(Dollars in millions)
Historical Data
Year-to-Date
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
US GAAP benefits and expenses
$2,022
$1,349
$1,542
$2,180
$2,495
$7,093
$7,149
Premiums
(698)
(206)
(354)
(458)
(2,022)
(1,716)
(3,679)
Product charges
(189)
(181)
(172)
(149)
(153)
(691)
(657)
Change in fair value of insurance-related derivatives and embedded
derivatives
(73)
187
(131)
(199)
440
(216)
94
Change in fair value of MRB - capital market impacts
(3)
(197)
127
(268)
429
(341)
172
Policy and other operating expenses
(13)
(16)
(7)
(101)
(337)
(137)
(617)
Premiums, benefits and expenses on non-annuity segments
(128)
(37)
(137)
(81)
(104)
(383)
(471)
Total adjustments to arrive at cost of funds
(1,104)
(450)
(674)
(1,256)
(1,747)
(3,484)
(5,158)
Total annuity cost of funds (a)
$918
$899
$868
$924
$748
$3,609
$1,991
(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
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
QoQ
YoY
2025
2024
YTD
Gross Annuity Sales
Retail
    Fixed Index
$2,337
$2,528
$2,513
$1,835
$1,797
(8)%
30%
$9,213
$5,474
68%
    Fixed Rate (c)
2,050
2,225
1,108
1,088
916
(8)%
124%
6,471
4,932
31%
Variable (a)
2
1
1
1
16
100%
(88)%
5
63
(92)%
    Total Retail Annuities
4,389
4,754
3,622
2,924
2,729
(8)%
61%
15,689
10,469
50%
Institutional
    Pension Risk Transfer
788
100
262
382
1,918
688%
(59)%
1,532
3,151
(51)%
    Funding Agreements
1,389
—
400
500
—
100%
100%
2,289
—
100%
    Total Institutional Annuities
2,177
100
662
882
1,918
NM
14%
3,821
3,151
21%
Total Gross Annuity Sales (b)
6,566
4,854
4,284
3,806
4,647
35%
41%
19,510
13,620
43%
Ceded
(15)
(14)
(9)
(7)
(3)
8%
402%
(45)
(38)
19%
Total Net Annuity Sales
$6,551
$4,840
$4,275
$3,799
$4,644
35%
41%
$19,465
$13,582
43%
(a)Variable sales represent additional premiums on previously issued policies.
(b)American Equity gross annuity sales for the year ended December 31, 2024 were $8,425 million. American Equity gross annuity sales from the acquisition on May 2, 2024 to December 31, 2024 were $5,217
million which is included in the table above.
(c)Fixed rate annuity sales reflect single premium immediate annuities as well as other de minimis retail product lines.
20
Surrender Charge Exposure
(Dollars in millions)
Q4 2025
Q3 2025
Account Value (a)
Average
Surrender
Charge
Account Value (a)
Average
Surrender
Charge
Years of surrender charge remaining (b)
No surrender charge remaining
$10,948
—%
$10,455
—%
Greater than 0 to less than 3
12,536
4%
13,005
4%
3 to less than 6
15,913
8%
15,477
7%
6 to less than 9
30,048
12%
28,826
12%
9 or greater
13,079
14%
12,717
13%
$82,524
8%
$80,480
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.

Source: View Original Filing on SEC EDGAR

FAQ

How did American National Group Inc. (ANG) perform financially in 2025?

American National’s GAAP net income attributable to common stockholders was $469 million in 2025, down from $696 million. However, distributable operating earnings increased to $1,350 million from $1,095 million, showing stronger underlying operating performance.

What were American National Group Inc. (ANG) 2025 annuity sales?

In 2025, American National reported total gross annuity sales of $19,510 million and net annuity sales of $19,465 million. This compares with $13,620 million gross and $13,582 million net annuity sales in 2024, a 43% year-over-year increase in net sales.

What was American National Group Inc.’s (ANG) investment spread in 2025?

For the twelve months ended December 31, 2025, American National’s total net investment spread on annuities was 1.8%. This spread reflects a 6.0% yield on net invested assets and a 4.3% aggregate cost of funds across average invested assets of $89,678 million.

How did American National Group Inc.’s (ANG) balance sheet change in 2025?

Total assets increased to $130,257 million at December 31, 2025 from $121,221 million, a 7% rise. Total equity declined slightly to $9,669 million from $10,028 million, while total liabilities grew to $120,588 million from $111,193 million.

What is American National Group Inc.’s (ANG) asset credit quality?

At December 31, 2025, American National held $90,516 million of total investments. Of this, $54,821 million in available-for-sale fixed maturities carried NAIC designations, with most in NAIC 1 and 2, indicating generally higher credit quality across the bond portfolio.

How healthy are American National Group Inc.’s (ANG) mortgage loans?

Total commercial mortgage loans were $8,800 million at December 31, 2025, with non-performing loans of $114 million, about 1% of the portfolio. The average loan-to-value ratio was 52%, and the median internal CM rating was CM2, suggesting moderate credit risk.

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