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American National Group Q1 2026 earnings snapshot

American National Group Inc. released its Q1 2026 financial supplement, highlighting mixed results.

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

Rhea-AI Filing Summary

American National Group Inc. released its Q1 2026 financial supplement, highlighting mixed results. GAAP net loss attributable to common stockholder was $7 million, an improvement from a $236 million loss a year earlier, as volatility in investment and derivative marks eased.

Distributable operating earnings, a key non‑GAAP metric, were $306 million, down 10% year over year, and total revenue fell 15% to $1.6 billion. Total assets were $130.4 billion with total equity of $9.4 billion. Annuity net investment spread was $382 million, while total gross annuity sales were $3.8 billion, roughly flat versus Q1 2025, with stronger retail sales offset by weaker institutional volume.

Positive

  • None.

Negative

  • None.

Insights

Q1 shows better bottom line but softer growth and lower annuity spreads.

American National Group Inc. posted Q1 2026 distributable operating earnings of $306 million, down 10% year over year, while GAAP net loss to common narrowed sharply to $7 million from $236 million. Revenue declined 15% to $1.6 billion as premiums and investment‑related gains were lower.

Total assets held near $130.4 billion and total equity was $9.4 billion, indicating a stable balance sheet. Annuity net investment spread of $382 million was down sequentially, though the twelve‑month net spread remained 1.7%. Retail annuity sales grew 11% year over year to $3.25 billion, while institutional annuity sales fell 36% to $564 million, shifting the business mix toward retail.

The supplement also shows a largely investment‑grade bond portfolio, with 62% of fixed maturities in NAIC 1 and 26% in NAIC 2 at March 31, 2026. Credit metrics on mortgage loans, such as an average loan‑to‑value of 51% and a median CM2 rating, suggest a conservative lending profile based on the disclosed classifications.

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, or exhibit attachments filed with this report.
Total revenue $1,600 million Q1 2026, down 15% vs Q1 2025
GAAP net income (loss) to common -$7 million Q1 2026 vs -$236 million Q1 2025
Distributable operating earnings $306 million Q1 2026, down 10% year over year
Total assets $130,406 million Balance sheet at March 31, 2026
Total equity $9,396 million Balance sheet at March 31, 2026
Total gross annuity sales $3,810 million Q1 2026, flat vs Q1 2025
Retail annuity sales $3,246 million Q1 2026, up 11% year over year
Annuity net investment spread $382 million Q1 2026 total net investment spread
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.
Annuity investment spread financial
"Annuity investment spread (Dollars in millions) ... Total net investment spread"
Market risk benefits financial
"Change in fair value of market risk benefits | 139 | 101 | 310"
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
"Coinsurance funds withheld investments (a) | 2,824 | 2,782 | 42"
Total adjusted common stockholders’ equity financial
"Total adjusted common stockholders' equity is a non-GAAP financial measure based on common stockholders' equity excluding the impact of AOCI"
Non-GAAP net investment income financial
"Non-GAAP Net Investment Income Non-GAAP net investment income is comprised of GAAP net investment income adjusted to exclude"
Total revenue $1,600 million -15% YoY
GAAP net income (loss) to common -$7 million improved from -$236 million YoY
Distributable operating earnings $306 million -10% YoY
Total gross annuity sales $3,810 million flat YoY
Retail annuity sales $3,246 million +11% YoY
Institutional annuity sales $564 million -36% YoY

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did American National Group Inc. (ANG) perform financially in Q1 2026?
American National Group reported Q1 2026 revenue of $1.6 billion, down 15% year over year. GAAP net loss attributable to common stockholder was $7 million, a marked improvement from a $236 million loss in Q1 2025 as investment and derivative impacts moderated.

What were American National Group’s distributable operating earnings in Q1 2026?
Distributable operating earnings for Q1 2026 were $306 million, compared with $341 million in Q1 2025, a 10% decline. Management uses this non‑GAAP metric to evaluate core operating performance by excluding certain investment, derivative, and transaction‑related items from GAAP results.

How strong is American National Group’s balance sheet as of March 31, 2026?
As of March 31, 2026, American National Group reported $130.4 billion in total assets and $9.4 billion in total equity. Total liabilities were $121.0 billion. The company also disclosed $93.6 billion of total investments, reflecting its large, diversified investment portfolio.

What were American National Group’s annuity sales and investment spread in Q1 2026?
Total gross annuity sales were $3.8 billion in Q1 2026, roughly flat year over year. Retail annuity sales rose 11% to $3.25 billion, while institutional sales declined. Annuity net investment spread was $382 million, with a twelve‑month net spread of 1.7% over the aggregate cost of funds.

How is American National Group’s investment credit quality positioned in 2026?
At March 31, 2026, $57.97 billion of available‑for‑sale fixed maturities were in NAIC‑rated assets, with 34% in NAIC 1 and 26% in NAIC 2. Mortgage loans totaled $10.83 billion, and private loans $8.38 billion, reflecting a predominantly investment‑grade, diversified fixed‑income profile.

What non-GAAP measures does American National Group highlight in its Q1 2026 supplement?
The company highlights Distributable Operating Earnings, Total equity excluding AOCI and NCI, Total adjusted common stockholders’ equity, Non‑GAAP net investment income, and annuity cost of funds. These measures adjust GAAP results to remove items like unrealized marks, certain derivatives, and non‑operating reserve changes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001039828false00010398282026-05-222026-05-22

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): May 22, 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 May 22, 2026, American National Group Inc. (the "Company") made available on its website the Company's financial supplement for the first quarter ended March 31, 2026, 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 quarter ended March 31, 2026
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: May 22, 2026
 AMERICAN NATIONAL GROUP INC. 
    
    
By:/s/ Reza Syed 
 Reza Syed 
 Chief Financial Officer and Executive Vice President 


Exhibit 99.1
ae_logo.jpg
       
an_logo.jpg
American National Group Inc.
March 31, 2026
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
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
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
QoQ
YoY
2026
2025
YTD
Income
GAAP net income (loss)
$(7)
$356
$208
$141
$(236)
(102)%
97%
$(7)
$(236)
97%
Distributable operating earnings (a)
306
360
329
320
341
(15)%
(10)%
306
341
(10)%
Balance Sheet
Total assets
$130,406
$130,257
$130,559
$126,345
$123,434
—%
6%
$130,406
$123,434
6%
Total liabilities
121,010
120,588
119,578
116,128
113,389
—%
7%
121,010
113,389
7%
Total equity
9,396
9,669
10,981
10,217
10,045
(3)%
(6)%
9,396
10,045
(6)%
Total common stockholders' equity (a)
8,934
9,257
10,170
9,494
9,374
(3)%
(5)%
8,934
9,374
(5)%
Total adjusted common stockholders'
equity (a)
9,812
9,533
10,325
9,961
9,610
3%
2%
9,812
9,610
2%
Twelve Months
Ended March
31, 2026
Annuity investment spread
1.7%
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
March 31, 2026
December 31, 2025
YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value
$61,180
$57,992
5%
Equity securities, at fair value
1,128
1,179
(4)%
Mortgage loans on real estate, at amortized cost
10,920
11,113
(2)%
Other invested assets
20,332
20,232
—%
Total investments
93,560
90,516
3%
Cash and cash equivalents
8,934
11,660
(23)%
Accrued investment income
805
799
1%
Deferred policy acquisition costs, deferred sales inducements and
value of business acquired
11,615
11,513
1%
Reinsurance recoverables and deposit assets
9,092
9,255
(2)%
Intangible assets
1,483
1,501
(1)%
Other assets
4,137
4,191
(1)%
Separate account assets
780
822
(5)%
Total assets
$130,406
$130,257
—%
Liabilities
Future policy benefits
$10,784
$10,962
(2)%
Policyholders' account balances
94,081
92,992
1%
Policy and contract claims
328
410
(20)%
Market risk benefits
4,501
4,536
(1)%
Long term borrowings
2,954
2,951
—%
Funds withheld for reinsurance liabilities
2,969
3,088
(4)%
Other liabilities
4,613
4,827
(4)%
Separate account liabilities
780
822
(5)%
Total liabilities
121,010
120,588
—%
Equity
Preferred stock
292
292
—%
Additional paid-in capital
6,467
6,404
1%
Accumulated other comprehensive income (loss), net of taxes
711
1,094
(35)%
Retained earnings
1,756
1,759
—%
Non-controlling interests
170
120
42%
Total equity
9,396
9,669
(3)%
Total liabilities and equity
$130,406
$130,257
—%
5
GAAP Income Statement
(Dollars in millions)
Historical Data
Percentage Change
Year-to-Date
Percentage
Change
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
QoQ
YoY
2026
2025
YTD
Revenues
Premiums
$145
$698
$206
$354
$458
(79)%
(68)%
$145
$458
(68)%
Other policy revenue
162
189
181
172
149
(14)%
9%
162
149
9%
Net investment income
1,289
1,256
1,242
1,139
1,251
3%
3%
1,289
1,251
3%
Investment related gains (losses)
(30)
133
(33)
(11)
3
(123)%
NM
(30)
3
NM
Other income
34
23
22
27
28
48%
21%
34
28
21%
Total revenue
1,600
2,299
1,618
1,681
1,889
(30)%
(15)%
1,600
1,889
(15)%
Benefits and Expenses
Policyholder benefits and claims incurred
231
828
270
510
602
(72)%
(62)%
231
602
(62)%
Interest sensitive contract benefits
545
506
523
485
512
8%
6%
545
512
6%
Amortization of DAC, DSI and VOBA
272
256
268
246
238
6%
14%
272
238
14%
Change in FV of insurance-related derivatives and
embedded derivatives
138
73
(187)
131
199
89%
(31)%
138
199
(31)%
Change in fair value of market risk benefits
139
101
310
(47)
361
38%
(61)%
139
361
(61)%
Total benefits
1,325
1,764
1,184
1,325
1,912
(25)%
(31)%
1,325
1,912
(31)%
Operating expenses
206
215
118
168
224
(4)%
(8)%
206
224
(8)%
Interest expense
49
43
47
49
44
14%
11%
49
44
11%
Total benefits and expenses
1,580
2,022
1,349
1,542
2,180
(22)%
(28)%
1,580
2,180
(28)%
Income tax expense (benefit)
17
(94)
109
27
(62)
118%
127%
17
(62)
127%
Income (loss) from continuing operations
3
371
160
112
(229)
(99)%
101%
3
(229)
101%
Income (loss) from discontinuing operations, net
of tax
—
—
58
42
26
—%
(100)%
—
26
(100)%
Net income (loss)
3
371
218
154
(203)
(99)%
101%
3
(203)
101%
Less: Net income (loss) from continuing
operations attributable to noncontrolling
interests, net of tax
4
3
(1)
2
3
33%
33%
4
3
33%
Net income (loss) attributable to American National
Group Inc. stockholders
(1)
368
219
152
(206)
(100)%
100%
(1)
(206)
100%
Less: Preferred stock dividends and redemption (a)
6
12
11
11
30
(50)%
(80)%
6
30
(80)%
Net income (loss) attributable to American National
Group Inc. common stockholder
$(7)
$356
$208
$141
$(236)
(102)%
97%
$(7)
$(236)
97%
(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
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
QoQ
YoY
2026
2025
YTD
Income (loss) from continuing operations (a)
$(7)
$356
$150
$99
$(262)
(102)%
97%
$(7)
$(262)
97%
Net investment gains, including reinsurance
funds withheld
137
33
165
186
75
315%
83%
137
75
83%
Mark-to-market on insurance contracts and other
net assets
162
70
(21)
36
582
131%
(72)%
162
582
(72)%
Deferred income tax expense (recovery)
(51)
(171)
10
(44)
(138)
70%
63%
(51)
(138)
63%
Depreciation
39
45
35
38
52
(13)%
(25)%
39
52
(25)%
Transaction costs
26
27
(10)
5
32
(4)%
(19)%
26
32
(19)%
Distributable operating earnings (b)
$306
$360
$329
$320
$341
(15)%
(10)%
$306
$341
(10)%
Pre-Tax Distributable Operating Earnings by
Segment
Annuity
$382
$429
$389
$372
$407
(11)%
(6)%
$382
$407
(6)%
Life
20
44
37
40
32
(55)%
(38)%
20
32
(38)%
Pre-tax segment distributable operating earnings
(b)
402
473
426
412
439
(15)%
(8)%
402
439
(8)%
Corporate and other DOE
(28)
(33)
(24)
(22)
(21)
15%
(33)%
(28)
(21)
(33)%
Tax expense
(68)
(80)
(73)
(70)
(77)
15%
12%
(68)
(77)
12%
Distributable operating earnings
$306
$360
$329
$320
$341
(15)%
(10)%
$306
$341
(10)%
(a)Income (loss) 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
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
QoQ
YoY
2026
2025
YTD
Total equity
$9,396
$9,669
$10,981
$10,217
$10,045
(3)%
(6)%
$9,396
$10,045
(6)%
Non-controlling interests
(170)
(120)
(223)
(135)
(83)
(42)%
(105)%
(170)
(83)
(105)%
Equity available to preferred stockholders
(292)
(292)
(588)
(588)
(588)
—%
50%
(292)
(588)
50%
Total common stockholders' equity (a)
8,934
9,257
10,170
9,494
9,374
(3)%
(5)%
8,934
9,374
(5)%
Accumulated other comprehensive income
(AOCI)
(711)
(1,094)
(1,132)
(664)
(670)
35%
(6)%
(711)
(670)
(6)%
Accumulated impact of mark-to-market losses
(gains) on derivatives and insurance contracts
1,589
1,370
1,287
1,131
906
16%
75%
1,589
906
75%
Total adjusted common stockholders' equity (a)
$9,812
$9,533
$10,325
$9,961
$9,610
3%
2%
$9,812
$9,610
2%
(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 22.
8
Invested Assets
(Dollars in millions)
March 31, 2026
December 31, 2025
GAAP
Carrying
Value
Book
Value
Unrealized
Gain/(Loss)
GAAP
Carrying
Value
Book
Value
Unrealized
Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government
$67
$67
$—
$68
$68
$—
U.S. states and political subdivisions
2,870
2,814
56
2,910
2,827
83
Foreign governments
3,271
3,276
(5)
1,169
1,118
51
Corporate debt securities
42,776
42,688
88
41,514
40,745
769
Residential mortgage-backed securities
651
618
33
678
641
37
Commercial mortgage-backed securities
2,927
2,884
43
3,015
2,946
69
Collateralized debt securities
5,925
5,903
22
5,855
5,801
54
Total fixed maturity, available-for-sale
58,487
58,250
237
55,209
54,146
1,063
Equity securities:
Common and preferred stock
1,110
1,162
(52)
1,161
1,083
78
Total equity securities
1,110
1,162
(52)
1,161
1,083
78
Other investments:
Mortgage loans on real estate, net of
allowance
10,834
10,834
—
11,030
11,030
—
Private loans, net of allowance
8,378
8,378
—
8,886
8,886
—
Real estate and real estate partnerships
5,786
5,786
—
5,800
5,800
—
Investments funds
3,539
3,539
—
3,187
3,187
—
Policy loans
243
243
—
234
234
—
Short-term investments
683
683
—
600
600
—
Other invested assets
1,676
1,676
—
1,485
1,485
—
Total investments, net of coinsurance funds
withheld investments
90,736
90,551
185
87,592
86,451
1,141
Coinsurance funds withheld investments (a)
2,824
2,782
42
2,924
2,849
75
Total investments
$93,560
$93,333
$227
$90,516
$89,300
$1,216
(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)
March 31, 2026
December 31, 2025
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
$31,804
34%
$29,481
32%
2
24,179
26%
23,414
26%
3
1,440
2%
1,374
2%
4
464
—%
475
1%
5
62
—%
59
—%
6
17
—%
18
—%
Total fixed maturities, available-for-sale
57,966
62%
54,821
61%
Assets without NAIC Designation
Fixed maturities, at fair value
521
1%
388
—%
Equity securities, at fair value
1,110
1%
1,161
1%
Mortgage loans
10,834
11%
11,030
12%
Private Loans
8,378
9%
8,886
10%
Real estate and real estate partnerships
5,786
6%
5,800
6%
Investment funds
3,539
4%
3,187
4%
Policy loans
243
—%
234
—%
Short-term investments
683
1%
600
1%
Other invested assets
1,676
2%
1,485
2%
32,770
35%
32,771
36%
Total investments, net of coinsurance funds withheld
investments
90,736
97%
87,592
97%
Coinsurance funds withheld investments (a)
2,824
3%
2,924
3%
Total investments
$93,560
100%
$90,516
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)
March 31, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Available-for-sale:
U.S. treasury and government (a)
$67
—%
$68
—%
U.S. states and political subdivisions (a)
2,870
5%
2,910
5%
Foreign governments (a)
3,271
5%
1,169
2%
Corporate debt securities
42,776
70%
41,514
72%
Residential mortgage-backed securities
651
1%
678
1%
Commercial mortgage-backed securities
2,927
5%
3,015
5%
Collateralized debt securities
5,925
10%
5,855
10%
Total fixed maturities, available-for-sale, net of
coinsurance funds withheld investments
58,487
96%
55,209
95%
Coinsurance funds withheld investments (b)
2,693
4%
2,783
5%
Total fixed maturities, available-for-sale
$61,180
100%
$57,992
100%
Corporate debt securities
NAIC designation
1
$20,303
48%
$19,778
48%
2
20,868
50%
20,288
50%
3
961
2%
923
2%
4
140
—%
180
—%
5
11
—%
4
—%
6
—
—%
—
—%
Total U.S. corporate debt securities (c)
$42,283
100%
$41,173
100%
Residential mortgage-backed securities
NAIC designation
1
$637
97%
$659
96%
2
1
—%
2
—%
3
5
2%
4
2%
4
2
—%
2
—%
5
6
1%
11
2%
6
—
—%
—
—%
Total Residential mortgage-backed securities
$651
100%
$678
100%
Commercial mortgage-backed securities
NAIC designation
1
$2,523
87%
$2,613
88%
2
206
7%
206
7%
3
97
3%
77
2%
4
48
2%
45
2%
5
9
—%
9
—%
6
16
1%
17
1%
Total Commercial mortgage-backed securities (d)
$2,899
100%
$2,967
100%
11
Credit Quality of Investments - Detail
(Dollars in millions)
March 31, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Collateralized debt securities
NAIC designation
1
$2,620
44%
$2,744
47%
2
2,672
45%
2,512
43%
3
343
6%
334
6%
4
273
5%
248
4%
5
17
—%
17
—%
6
—
—%
—
—%
Total Collateralized debt securities
$5,925
100%
$5,855
100%
(a)Over 99% 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 $288 million at March 31, 2026 and $294 million at December 31, 2025. Also excludes
$205 million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2026 and $47 million at
December 31, 2025.
(d)Excludes securities that are not rated with a carrying value of $0 million at March 31, 2026 and $21 million at December 31, 2025. Also excludes $28
million of investments in variable interest entities not directly held by American National Group Inc. at March 31, 2026 and $27 million at
December 31, 2025.
12
Mortgage Loans
(Dollars in millions)
March 31, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans
Agricultural
$341
4%
$349
4%
Apartment
2,230
26%
2,294
26%
Hotel
879
10%
967
11%
Industrial
1,772
21%
1,775
21%
Office
1,420
17%
1,435
16%
Parking
198
2%
207
2%
Retail
1,326
16%
1,352
15%
Storage
113
1%
114
1%
Other
184
2%
224
3%
Total commercial mortgage loans, net of coinsurance funds
withheld investments
8,463
99%
8,717
99%
Coinsurance funds withheld investments (a)
86
1%
83
1%
Total commercial mortgage loans (b)
$8,549
100%
$8,800
100%
Non-performing commercial mortgage loans
Total non-performing commercial mortgage loans
$120
1%
$114
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 $79 million and $87 million at March 31, 2026 and December 31, 2025,
respectively.
13
Mortgage Loans - Exposure
(Dollars in millions)
March 31, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans - Exposure by LTV
0-50%
$2,848
35%
$2,668
32%
50-60%
2,811
34%
3,118
37%
60-70%
2,069
25%
1,863
22%
70% +
391
5%
699
8%
Total commercial mortgage loans, net of coinsurance
funds withheld investments
8,119
99%
8,348
99%
Coinsurance funds withheld investments (a)
86
1%
82
1%
Total commercial mortgage loans (b) (c)
$8,205
100%
$8,430
100%
Average LTV
51%
52%
March 31, 2026
December 31, 2025
GAAP
Carrying
Value
% of GAAP
Carrying Value
GAAP
Carrying
Value
% of GAAP
Carrying Value
Commercial Mortgage Loans - Exposure by CM Rating
CM1
$3,368
41%
$3,579
43%
CM2
2,699
33%
2,699
32%
CM3
1,722
21%
1,780
21%
CM4
212
3%
116
1%
CM5
—
—%
50
1%
CM6
102
1%
105
1%
CM7
16
—%
19
—%
Total commercial mortgage loans, net of coinsurance
funds withheld investments
8,119
99%
8,348
99%
Coinsurance funds withheld investments (a)
86
1%
82
1%
Total commercial mortgage loans (b) (c)
$8,205
100%
$8,430
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 $344 million and $370 million investments in variable interest entities not directly held by American National Group Inc.’s regulated
insurance entities at March 31, 2026 and December 31, 2025, respectively.
(c)Total commercial mortgage loans excludes the allowance for credit losses of $79 million and $87 million at March 31, 2026 and December 31, 2025,
respectively.
14
Private Loans by Credit Rating and Industry Sector
(Dollars in millions)
March 31, 2026
A or higher
BBB
BB and below
Unrated (a)
Total
Asset-based finance
$711
$—
$—
$26
$737
Consumer
—
—
183
—
183
Financials
609
38
45
366
1,058
Industrial
812
89
851
87
1,839
Real estate
28
1,013
205
1,297
2,543
Software
—
—
380
—
380
Telecommunications
—
—
413
—
413
Utilities
416
193
449
167
1,225
Total private loans, net of coinsurance funds
withheld investments
2,576
1,333
2,526
1,943
8,378
Coinsurance funds withheld investments (b)
15
12
—
—
27
Total private loans (c)
$2,591
$1,345
$2,526
$1,943
$8,405
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
(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 $147 million and $149 million at March 31, 2026 and December 31, 2025, respectively.
15
Financial Strength and Credit Ratings
(Dollars in millions)
Financial Strength Ratings
AM
Best
Standard
& Poor's
Fitch
Line of Business
March 31,
2026
Statutory
Liability
Balance
American Equity Investment Life Insurance Company
A
A
A
Life & retirement
$58,864
American National Insurance Company
A
A
A
Life & retirement
39,136
Eagle Life Insurance Company
A
A
A
Life & retirement
4,862
American National Life Insurance Company of New York
A
A
A
Life & retirement
1,914
American Equity Life Insurance Company of New York
A
-
A
Life & retirement
74
American National Life Insurance Company of Texas
A
-
-
Life & retirement
6
Garden State Life Insurance Company
Au
-
-
Life & retirement
3
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 $55,344 million of statutory
liabilities associated with these agreements at March 31, 2026.
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
99
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
4%
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
492
4%
BBB / BBB
5.00%
June 2017
June 2027
Subordinated Debentures
84
1%
5.00%
October 1999
June 2047
Total Long Term Borrowings
2,954
25%
Perpetual Preferred Shares - Series D
292
3%
BB+ / BB+
7.38%
January 2025
Perpetual
Total Common Stockholders' Equity
9,104
79%
Total Equity
9,396
82%
Accumulated Other Comprehensive Income (AOCI)
711
6%
Non-Controlling Interests (NCI)
170
1%
Total Equity, Excluding AOCI and NCI (b)
8,515
75%
Total Capitalization, Excluding AOCI and NCI (b)
$11,469
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
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
QoQ
YoY
2026
2025
YTD
Non-GAAP net investment income (a)
$1,352
$1,347
$1,285
$1,238
$1,238
—%
9%
$1,352
$1,238
9%
Cost of funds
970
918
899
868
924
6%
5%
970
924
5%
Total net investment spread
$382
$429
$386
$370
$314
(11)%
22%
$382
$314
22%
Average invested assets
$92,329
$89,678
$85,993
$83,173
$80,139
3%
15%
$92,329
$80,139
15%
Twelve months
ended March 31,
2026
Yield on net invested assets
5.9%
Aggregate cost of funds
4.2%
Total net investment spread
1.7%
(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 $63 million in Q1 2026, $91 million in Q4
2025, $43 million in Q3 2025, $99 million in Q2 2025, and $13 million in Q1 2025.
18
Reconciliation of Benefits and Expenses to Cost of Funds
(Dollars in millions)
Historical Data
Year-to-Date
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
2026
2025
US GAAP benefits and expenses
$1,580
$2,022
$1,349
$1,542
$2,180
$1,580
$2,180
Premiums
(145)
(698)
(206)
(354)
(458)
(145)
(458)
Product charges
(162)
(189)
(181)
(172)
(149)
(162)
(149)
Change in fair value of insurance-related derivatives and embedded
derivatives
(138)
(73)
187
(131)
(199)
(138)
(199)
Change in fair value of MRB - capital market impacts
(31)
(3)
(197)
127
(268)
(31)
(268)
Policy and other operating expenses
23
(13)
(16)
(7)
(101)
23
(101)
Premiums, benefits and expenses on non-annuity segments
(157)
(128)
(37)
(137)
(81)
(157)
(81)
Total adjustments to arrive at cost of funds
(610)
(1,104)
(450)
(674)
(1,256)
(610)
(1,256)
Total annuity cost of funds (a)
$970
$918
$899
$868
$924
$970
$924
(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
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
QoQ
YoY
2026
2025
YTD
Gross Annuity Sales
Retail
    Fixed Index
$1,691
$2,337
$2,528
$2,513
$1,835
(28)%
(8)%
$1,691
$1,835
(8)%
    Fixed Rate
1,379
1,904
2,147
1,052
1,045
(28)%
32%
1,379
1,045
32%
    Other (a)
176
148
79
57
44
19%
300%
176
44
300%
    Total Retail Annuities
3,246
4,389
4,754
3,622
2,924
(26)%
11%
3,246
2,924
11%
Institutional
    Pension Risk Transfer
64
788
100
262
382
(92)%
(83)%
64
382
(83)%
    Funding Agreements
500
1,389
—
400
500
(64)%
—%
500
500
—%
    Total Institutional Annuities
564
2,177
100
662
882
(74)%
(36)%
564
882
(36)%
Total Gross Annuity Sales
3,810
6,566
4,854
4,284
3,806
(42)%
—%
3,810
3,806
—%
Ceded
(2)
(15)
(14)
(9)
(7)
(84)%
(66)%
(2)
(7)
(66)%
Total Net Annuity Sales
$3,808
$6,551
$4,840
$4,275
$3,799
(42)%
—%
$3,808
$3,799
—%
(a)Other retail annuities represent sales of single premium immediate annuities and structured settlement annuities.
20
Surrender Charge Exposure
(Dollars in millions)
Q1 2026
Q4 2025
Account Value (a)
Average
Surrender
Charge
Account Value (a)
Average
Surrender
Charge
Years of surrender charge remaining (b)
No surrender charge remaining
$11,231
—%
$10,948
—%
Greater than 0 to less than 3
12,371
4%
12,536
4%
3 to less than 6
15,567
8%
15,913
8%
6 to less than 9
31,735
11%
30,048
12%
9 or greater
12,621
13%
13,079
14%
$83,525
8%
$82,524
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.

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