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American National Group Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Annuities brought in 92% of the revenue American National Group Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annuities | $2.0B | $6.8B | $7.2B |
| Life Insurance | $1.2B | $1.0B | $603.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs93¢$6.9B
- Income tax0¢$20.0M
- Profit7¢$533.0M
Out of $7.5B in revenue.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net premiums | $1.7B | $3.7B | $1.7B |
| Other policy revenue | $691.0M | $657.0M | $414.0M |
| Net investment income | $4.9B | $3.5B | $1.2B |
| Investment related gains (losses) | $92.0M | -$333.0M | -$2.0M |
| Other income | $100.0M | $35.0M | $74.0M |
| Total revenues | $7.5B | $7.5B | $3.4B |
| Policyholder benefits and claims incurred | $2.2B | $4.0B | $1.9B |
| Interest sensitive contract benefits | $2.0B | $1.7B | $480.0M |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | $1.0B | $587.0M | $112.0M |
| Change in fair value of insurance-related derivatives and embedded derivatives | $216.0M | -$94.0M | $36.0M |
| Change in fair value of market risk benefits | $725.0M | -$3.0M | -$69.0M |
| Operating expenses | $725.0M | $701.0M | $430.0M |
| Interest expense | $183.0M | $165.0M | $99.0M |
| Total benefits and expenses | $7.1B | $7.1B | $2.9B |
| Net income before income taxes | $394.0M | $370.0M | $452.0M |
| Income tax expense (benefit) | -$20.0M | -$199.0M | $43.0M |
| Income from continuing operations | $414.0M | $569.0M | $409.0M |
| Income (loss) from discontinuing operations, net of tax | $126.0M | $111.0M | -$12.0M |
| Net income | $540.0M | $680.0M | $397.0M |
| Less: Net income (loss) from continuing operations attributable to noncontrolling interests, net of tax | $7.0M | -$49.0M | $5.0M |
| Net income attributable to American National Group Inc. stockholders | $533.0M | $729.0M | $392.0M |
| Less: Preferred stock dividends and redemption | $64.0M | $33.0M | $0 |
| Net income attributable to American National Group Inc. common stockholder | $469.0M | $696.0M | $392.0M |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $3 and $25, respectively; amortized cost of $56,854 and $45,371, respectively) | $58.0B | $45.6B | |
| Equity securities, at fair value | $1.2B | $611.0M | |
| Real estate and real estate partnerships (net of accumulated depreciation of $228 and $228, respectively) | $5.8B | $4.7B | |
| Investment funds | $3.2B | $3.0B | |
| Policy loans | $234.0M | $274.0M | |
| Short-term investments, at estimated fair value | $600.0M | $4.2B | |
| Other invested assets | $1.5B | $2.0B | |
| Total investments | $90.5B | $78.0B | |
| Cash and cash equivalents | $11.7B | $10.9B | |
| Accrued investment income | $799.0M | $736.0M | |
| Deferred policy acquisition costs, deferred sales inducements and value of business acquired | $11.5B | $10.5B | $803.0M |
| Deferred tax asset | $460.0M | $495.0M | |
| Reinsurance recoverables and deposit assets | $9.3B | $9.9B | |
| Property and equipment (net of accumulated depreciation of $352 and $326, respectively) | $161.0M | $154.0M | |
| Intangible assets (net of accumulated amortization of $154 and $56, respectively) | $1.5B | $1.5B | |
| Goodwill | $748.0M | $748.0M | $86.0M |
| Other assets | $2.8B | $2.6B | |
| Separate account assets | $822.0M | $1.3B | |
| Assets related to discontinued operations | $0 | $4.4B | |
| Total assets | $130.3B | $121.2B | |
| Future policy benefits | $11.0B | $9.2B | |
| Policyholders account balances | $93.0B | $83.1B | $17.2B |
| Policy and contract claims | $410.0M | $396.0M | |
| Market risk benefits | $4.5B | $3.7B | |
| Other policyholder funds | $353.0M | $340.0M | |
| Notes payable | $205.0M | $189.0M | |
| Long term borrowings | $3.0B | $3.0B | |
| Funds withheld for reinsurance liabilities | $3.1B | $3.3B | |
| Separate account liabilities | $822.0M | $1.3B | $1.2B |
| Liabilities related to discontinued operations | $0 | $2.7B | |
| Total liabilities | $120.6B | $111.2B | |
| Additional paid-in capital | $6.4B | $7.6B | |
| Accumulated other comprehensive income, net of taxes | $1.1B | $340.0M | |
| Retained earnings | $1.8B | $1.4B | |
| Non-controlling interests | $120.0M | $78.0M | |
| Total equity | $9.7B | $10.0B | $5.9B |
| Total liabilities and equity | $130.3B | $121.2B | |
| Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest | $3.0M | $25.0M | $20.0M |
| Amortized Cost | $56.9B | $45.4B | |
| Accumulated depreciation | $228.0M | $228.0M | |
| Property and equipment accumulated depreciation | $352.0M | $326.0M | |
| Intangible assets accumulated amortization | $154.0M | $56.0M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $540.0M | $680.0M | $397.0M |
| Less: net (income) loss from discontinued operations | -$126.0M | -$111.0M | $12.0M |
| Other policy revenue | -$691.0M | -$657.0M | -$414.0M |
| Accretion on investments | -$681.0M | -$458.0M | -$151.0M |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | $1.0B | $587.0M | $112.0M |
| Deferral of policy acquisition costs | -$1.2B | -$860.0M | -$363.0M |
| Gains on investments and derivatives | -$512.0M | -$286.0M | -$103.0M |
| Other losses (gains) | $32.0M | $0 | $77.0M |
| Provisions for credit losses | $37.0M | $105.0M | $27.0M |
| Income from real estate partnerships, investment funds and corporations | -$378.0M | -$311.0M | -$100.0M |
| Distributions from real estate partnerships, investment funds and corporations | $250.0M | $390.0M | $80.0M |
| Interest credited to policyholders' account balances | $2.0B | $2.1B | $480.0M |
| Change in fair value of embedded derivatives | $531.0M | $405.0M | $36.0M |
| Depreciation and amortization | $168.0M | $70.0M | $50.0M |
| Deferred income taxes | $89.0M | -$105.0M | $50.0M |
| Insurance-related liabilities | $1.5B | $1.4B | $1.0B |
| Premiums due and other receivables | -$53.0M | $37.0M | $8.0M |
| Funds withheld for reinsurance liabilities | -$284.0M | -$452.0M | $0 |
| Reinsurance recoverables and deposit assets | $902.0M | $1.3B | $23.0M |
| Accrued investment income | -$63.0M | -$148.0M | $99.0M |
| Working capital and other | -$5.0M | -$1.1B | -$160.0M |
| Cash used by operating activities - discontinued operations | -$269.0M | -$61.0M | -$3.0M |
| Cash flows provided by operating activities | $2.8B | $2.5B | $1.2B |
| Acquisition of subsidiary, net of cash acquired | $58.0M | $8.0B | $0 |
| Disposition of subsidiary, net of cash disposed | -$626.0M | $653.0M | $72.0M |
| Available-for-sale fixed maturity securities | -$17.2B | -$8.6B | -$2.1B |
| Equity securities | -$217.0M | -$332.0M | -$189.0M |
| Mortgage loans on real estate | -$1.8B | -$1.8B | -$604.0M |
| Private loans | -$3.2B | -$2.4B | $0 |
| Investment real estate and real estate partnerships | -$1.3B | -$217.0M | -$415.0M |
| Investment funds | -$2.5B | -$307.0M | $0 |
| Short-term investments | -$11.2B | -$13.0B | -$705.0M |
| Other invested assets | -$416.0M | -$89.0M | -$21.0M |
| Available-for-sale fixed maturity securities | $8.4B | $5.3B | $2.6B |
| Equity securities | $234.0M | $9.0M | $109.0M |
| Mortgage loans on real estate | $2.7B | $2.1B | $623.0M |
| Private loans | $1.2B | $713.0M | $0 |
| Investment real estate and real estate partnerships | $145.0M | $311.0M | $40.0M |
| Investment funds | $414.0M | $393.0M | $0 |
| Short-term investments | $14.7B | $10.8B | $0 |
| Other invested assets | $109.0M | $58.0M | $185.0M |
| Purchases of derivatives | -$1.2B | -$605.0M | $0 |
| Proceeds from sales and maturities of derivatives | $1.2B | $1.3B | $0 |
| Purchase of intangibles and property and equipment | -$61.0M | -$37.0M | -$133.0M |
| Proceeds from sales of intangibles and property and equipment | $0 | $35.0M | $0 |
| Purchase of equity accounted investments | $0 | $0 | -$739.0M |
| Distributions from equity accounted investments | $0 | $7.0M | $61.0M |
| Change in collateral held for derivatives | $283.0M | -$78.0M | $110.0M |
| Other | $128.0M | -$65.0M | -$213.0M |
| Cash from investing activities - discontinued operations | $381.0M | $382.0M | $1.0M |
| Cash flows provided by (used in) investing activities | -$9.7B | $2.5B | -$1.3B |
| Contributions from (distributions to) shareholders | $361.0M | $0 | |
| Issuance of preferred equity | $292.0M | $0 | $0 |
| Redemption of preferred equity | -$700.0M | $0 | $0 |
| Dividends paid to stockholders | -$49.0M | -$33.0M | -$750.0M |
| Borrowings from related parties | $12.0M | $0 | $0 |
| Repayment of borrowings to related parties | -$41.0M | -$239.0M | $0 |
| Borrowings from external parties | $1.2B | $2.5B | $0 |
| Repayment of borrowings to external parties | -$1.2B | -$887.0M | $0 |
| Borrowings issued to reinsurance entities | $3.0M | $0 | |
| Repayment of borrowings issued to reinsurance entities | $4.0M | -$201.0M | $0 |
| Policyholders account deposits | $17.6B | $10.9B | $4.9B |
| Policyholders account withdrawals | -$10.3B | -$8.8B | -$2.3B |
| Debt issuance costs | -$13.0M | -$4.0M | $0 |
| Payment related to recapture of reinsurance agreement | $0 | -$114.0M | $0 |
| Issuance of equity, noncontrolling interests | $72.0M | $42.0M | $0 |
| Distributions to noncontrolling interests | -$14.0M | -$81.0M | $28.0M |
| Cash flows provided by financing activities | $7.3B | $3.1B | $1.9B |
| Net change during the period | $330.0M | $8.1B | $1.8B |
| Cash interest paid | $158.0M | $153.0M | $99.0M |
| Available-for-sale fixed maturity securities received in connection with pension risk transfer transactions | $175.0M | $1.6B | $0 |
| Equity securities transferred as consideration paid for acquisition of a subsidiary | $0 | $0 | $2.1B |
| Non-cash deposit on reinsurance | $0 | $3.4B | $0 |
| Transfer of invested assets | $0 | -$1.8B | $0 |
| Available-for-sale fixed maturity securities received as proceeds from investment fund sales | $786.0M | $0 | $0 |
| Assets reverted in connection with pension termination | $295.0M | $0 | $0 |
| Private loans received as proceeds from other invested assets as part of common control transactions | $638.0M | $0 | $0 |
Former names
- AMERICAN EQUITY INVESTMENT LIFE HOLDING COJul 22, 1999 to May 8, 20242
Recent filings
- Sep 15, 20268-K
- Aug 26, 20268-K
- Aug 13, 202610-Q
- Jun 15, 20268-K
- May 22, 20268-K
- May 14, 202610-Q
- Apr 9, 20268-K
- Mar 31, 202610-K
- Mar 17, 20268-K
- Dec 16, 20253
- Dec 15, 20258-K
- Nov 21, 20258-K
- Nov 13, 202510-Q
- Oct 16, 202515-12G
- Oct 7, 20258-K CURRENT REPORT
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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