American National Group Inc.

Report of Independent Registered Public Accounting Firm

To the stockholders and the Board of Directors of American National Group Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of American National Group Inc. and subsidiaries (the “Company”) as of December 31, 2024 (successor) and 2023 (successor), the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity, and cash flows for each of the two years ended December 31, 2024 (successor) and 2023 (successor), for the period from May 25, 2022 through December 31, 2022 (successor), and the period from January 1, 2022 through May 24, 2022 (predecessor) and the related notes to the consolidated financial statements, and schedules I to IV (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 (successor) and 2023 (successor), and the results of its operations and its cash flows for the years ended December 31, 2024 (successor) and 2023 (successor), the period from May 25, 2022 through December 31, 2022 (successor), and the period from January 1, 2022 through May 24, 2022 (predecessor), in conformity with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 1 to the financial statements, the financial statements give effect to the May 7, 2024 Post-Effective Merger between American National Group, LLC and American Equity Investment Life Holding Company. The results for the periods prior to the Post-Effective Merger represent the results of American National Group, LLC as the accounting acquirer.

As discussed in Note 1 to the financial statements, the financial statements give effect to the May 25, 2022 acquisition of 100% of the equity of the American National Group, LLC by Brookfield Wealth Solutions Ltd., which was accounted for as a business combination. As a result, the financial statements present both predecessor and successor periods for the year ended December 31, 2022.

Our opinion is not modified with respect to these matters.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Acquisitions – Certain Assumptions Used in the Value of Business Acquired – Refer to Notes 2 and 16 to the financial statements

In conjunction with the Post-Effective Merger and in subsequent periods, the Company determined estimated valuations of the initial value of business acquired (“VOBA”). The Company’s estimation of the acquired policyholder liabilities in-force used in the valuation of VOBA includes assumptions on future policy benefits and contract charges, premiums, discount rates, and the net investment earned rate. Significant judgment is applied by the Company in determining these assumptions. Specifically, the determination of the discount rate and the net investment earned rate assumptions involve significant judgment and may materially impact the estimated valuation of VOBA.

Given the significant judgment involved with determining the discount rate and net investment earned rate assumptions, auditing these estimates required a high degree of auditor judgment and an increased extent of effort, including the involvement of our fair value and actuarial specialists.

Our audit procedures related to the discount rate and net investment earned rate assumptions determined by the Company included the following, among others:

•We tested the effectiveness of controls over management’s development, selection, and implementation of these significant assumptions.

•We evaluated the methods and certain assumptions used by the Company to estimate the fair value of the policyholder liabilities in-force used in the determination of VOBA by performing the following:

◦We tested the completeness and accuracy of the underlying data used in the determination of these significant assumptions.

◦We evaluated the reasonableness of the Company’s significant assumptions by comparing those selected by management to those independently derived by our fair value and actuarial specialists, drawing upon standard actuarial and industry practice.

◦With the assistance of our fair value and actuarial specialists, we evaluated the appropriateness of these significant assumptions used in the Company’s valuation models.

Policy and Contract Claims — Refer to Notes 2 and 20 to the financial statements

The Company establishes a liability for unpaid claims and claim adjustment expenses for its property and casualty insurance products to estimate the costs of paying claims. The liability for unpaid claims and claim adjustment expenses includes estimates for both claims incurred but not reported and claims that have been reported but are unpaid. The liability for unpaid claims and claim adjustment expenses is included within Policy and Contract Claims in the consolidated statements of financial position. The liability for unpaid claims and claim adjustment expenses is estimated based upon the Company’s historical statistical information and actuarial assumptions that consider the effects of inflation, legal environment, economic conditions and trends in claim severity and frequency.

Given the subjectivity of estimating claims incurred but not reported and claims that have been reported but unpaid, particularly those with payout requirements over a longer period of time such as auto liability and workers compensation, the related audit effort in evaluating the liability for unpaid claims and claim adjustment expenses required a high degree of auditor judgment and an increased extent of effort, including involvement of our actuarial specialists.

Our audit procedures related to the liability for unpaid claims and claim adjustment expenses included the following:

•We tested the effectiveness of controls related to the property and casualty liability for unpaid claims and claim adjustment expenses, including management’s controls over the development, selection, and implementation of the assumptions used in the actuarial estimates.

•We evaluated the methods and assumptions used by the Company to estimate liabilities for unpaid claims and claim adjustment expenses by performing the following:

◦We tested the completeness and accuracy of the underlying data used to determine the assumptions for loss development patterns, including historical claims.

◦With the assistance of our actuarial specialists, we performed a retrospective review, including comparing prior year estimates of expected incurred losses to actual experience during the current year to identify potential bias in the determination of the liability for unpaid claims and claim adjustment expenses.

◦With the assistance of our actuarial specialists, we developed independent estimates for the liability for unpaid claims and claim adjustment expenses, particularly those with payout requirements over a longer period of time, utilizing loss data and claim development factors, and compared our estimates to management’s recorded liability for unpaid claims and claim adjustment expenses.

Policyholders’ Account Balances-Fixed Annuity Contracts – Valuation of embedded derivative liability and market risk benefits— Refer to Notes 2, 9, 11, 18 and 19 to the financial statements

The Company establishes liabilities for fixed indexed annuity contracts which include a fixed host (or guaranteed) component of the deferred annuity contracts and embedded derivatives which include funded benefits in excess of the host guarantee. The embedded derivative liability that is required to be bifurcated from a host reserve and separately accounted for is included within Policyholders’ Account Balances in the consolidated statements of financial position. The embedded derivative liability in the fixed indexed annuity contracts is estimated at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk-free interest rates adjusted for the Company’s nonperformance risk related to those liabilities. The embedded derivative liability in the fixed indexed annuity contracts is measured using the Company’s best estimate assumptions which include option budget, lapse rates, and non-performance risk.

Certain of the Company’s fixed indexed annuity and fixed rate annuity contracts provide minimum guarantees to policyholders that meet the definition of Market Risk Benefits (“MRBs”). MRBs that have a positive fair value are recorded within Other Assets and MRBs that have a negative fair value are recorded within Market Risk Benefits in the consolidated statements of financial position. MRBs are valued using stochastic models. At contract inception, attributed fees are calculated based on the present value of the fees and assessments collectible from the policyholder relative to the present value of expected benefits paid attributable to the MRBs. The attributed fees remain static over the life of the MRBs and are used to calculate the fair value of the MRBs using a risk neutral valuation method. The attributed fees cannot be negative and cannot exceed the total explicit fees collectible from the policyholder. The actuarial assumptions used in the calculation of the MRBs are the Company’s best estimate assumptions and include utilization, option budget, nonperformance risk, mortality rates, and lapse rates.

Given the sensitivity of the fair value of the embedded derivative and MRBs to changes in these assumptions, the related audit effort in evaluating management’s selection of the significant assumptions related to the option budget and lifetime income benefit payments utilization required a high degree of auditor judgment and an increased extent of effort, including involvement of our actuarial and fair value specialists.

Our audit procedures related to the option budget and lifetime income benefit payments utilization assumptions selected by management for the valuation of the embedded derivative liability and market risk benefits included the following:

•We tested the effectiveness of controls related to the valuation of embedded derivative liabilities and MRBs, including management’s controls over the development, selection, and implementation of the significant assumptions used in the estimates.

•We evaluated the methods and assumptions used by the Company to estimate the fair value of the embedded derivative liability and market risk benefits by performing the following:

◦We tested the completeness and accuracy of the underlying data used in the determination of the significant assumptions.

◦We evaluated the reasonableness of the Company’s selected significant assumptions through the use of our fair value and actuarial specialists, drawing upon standard actuarial and industry practices.

◦With the assistance of our actuarial specialists, we evaluated the appropriateness of the methodologies used to determine the significant assumptions, evaluated the key inputs into those significant assumptions, evaluated the consistency of the selected assumptions used in the Company’s valuation models, and tested the mathematical accuracy of the valuation models.

/s/ Deloitte & Touche LLP

Houston, Texas

March 31, 2025

We have served as the Company’s auditor since 2020.