American National Group Inc
For the period ended Sep 30, 2024. Filed Nov 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 15, 2024
ANG-PD$22.01-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities: | ||
| Net income | $29 | $166 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Other policy revenue | (484) | (306) |
| Accretion on investments | (308) | (129) |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 649 | 399 |
| Deferral of policy acquisition costs | (856) | (611) |
| Losses (gains) on investments and derivatives | (614) | (10) |
| Other losses (gains) | (5) | — |
| Provisions for credit losses (reversals) | 30 | (1) |
| Income from real estate partnerships, investment funds and corporations | (294) | (110) |
| Distributions from real estate partnerships, investment funds and corporations | 262 | 60 |
| Interest credited to policyholder account balances | 1,300 | 431 |
| Change in fair value of embedded derivatives | 1,091 | — |
| Depreciation and amortization | 109 | 26 |
| Deferred income taxes | (635) | (5) |
| Changes in operating assets and liabilities: | ||
| Insurance-related liabilities | 989 | 908 |
| Deposit liabilities | (19) | (107) |
| Funds withheld for reinsurance liabilities | (278) | — |
| Reinsurance recoverables and deposit assets | 1,080 | (21) |
| Accrued investment income | (80) | (23) |
| Working capital and other | 138 | 9 |
| Cash flows provided by operating activities | 2,104 | 676 |
| Investing activities: | ||
| Acquisition of subsidiary, net of cash acquired | 10,836 | — |
| Purchase of investments: | ||
| Fixed maturity, available-for-sale | (4,819) | (12,304) |
| Equity securities | (341) | (166) |
| Mortgage loans on real estate | (778) | (489) |
| Private loans | (2,140) | — |
| Real estate and real estate partnerships | (1,622) | (693) |
| Investment funds | (203) | — |
| Short-term investments | (6,290) | — |
| Other invested assets | (325) | (99) |
| Proceeds from sales and maturities of investments: | ||
| Fixed maturity, available-for-sale | 3,484 | 11,317 |
| Equity securities | 22 | 74 |
| Mortgage loans on real estate | 1,184 | 371 |
| Private loans | 594 | — |
| Real estate and real estate partnerships | 319 | — |
| Investment funds | 379 | — |
| Short-term investments | 5,513 | — |
| Other invested assets | 38 | 84 |
| Purchases of derivatives | (387) | — |
| Proceeds from sales and maturities of derivatives | 706 | — |
| Purchase of intangibles and property and equipment | (61) | (101) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Proceeds from sales of intangibles and property and equipment | 28 | 74 |
| Distributions from equity accounted investments | — | 152 |
| Net change in policy loans | — | (9) |
| Change in collateral held for derivatives | 417 | 55 |
| Other, net | 11 | 21 |
| Cash flows provided by (used in) investing activities | 6,565 | (1,713) |
| Financing activities: | ||
| Dividends paid on preferred stock | (22) | (750) |
| Payments to noncontrolling interest | (1) | — |
| Borrowings from external parties | 1,900 | — |
| Repayment of borrowings to external parties | (1,501) | — |
| Policyholders’ account deposits | 7,785 | 4,480 |
| Policyholders’ account withdrawals | (6,117) | (1,844) |
| Debt issuance costs | (4) | — |
| Distributions to noncontrolling interest | (28) | 26 |
| Cash flows provided by financing activities | 2,012 | 1,912 |
| Cash and cash equivalents | ||
| Cash and cash equivalents, beginning of year | 3,192 | 1,389 |
| Net change during the period | 10,681 | 875 |
| Cash and cash equivalents, end of period | $13,873 | $2,264 |
| Supplementary disclosures of cash flow information: | ||
| Cash taxes paid (net of refunds received) | $62 | $7 |
| Cash interest paid | 98 | — |
| Non-cash investing and financing activities: | ||
| Fixed maturity securities, available-for-sale received in connection with pension risk transfer transactions | $462 | $— |
| Equity securities transferred as consideration paid for acquisition of a subsidiary | 218 | — |
| Non-cash deposit on reinsurance | 3,394 | — |
| Transfer of invested assets | (1,810) | — |
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