American National Group Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Schedule II. Condensed Financial Information of Registrant
| Condensed Statements of Financial Position (Parent Company Only) | ||
|---|---|---|
| December 31, | ||
| 2024 | 2023 | |
| (Dollars in millions) | ||
| Assets | ||
| Equity securities | $657 | $903 |
| Cash and cash equivalents | 315 | 304 |
| Investments in subsidiaries | 13,184 | 6,081 |
| Due from related party | 1,848 | — |
| Other assets | 142 | 20 |
| Total assets | $16,146 | $7,308 |
| Liabilities | ||
| Long-term debt | $2,957 | $1,499 |
| Accounts payable and accrued liabilities | 12 | — |
| Due to related party | 3,180 | — |
| Other liabilities | 47 | 17 |
| Total liabilities | 6,196 | 1,516 |
| Equity | ||
| Preferred stock, Series A | 389 | — |
| Preferred stock, Series B | 296 | — |
| Additional paid-in capital | 8,103 | 5,185 |
| Accumulated other comprehensive income (loss), net of taxes | (118) | (109) |
| Retained earnings | 1,280 | 716 |
| Total equity | 9,950 | 5,792 |
| Total liabilities and equity | $16,146 | $7,308 |
| Condensed Statements of Comprehensive Income (Parent Company Only) | ||||
|---|---|---|---|---|
| Successor · Predecessor | ||||
| Year Ended December 31, · Period FromMay 25 toDecember 31, · Period FromJanuary 1 toMay 24, | ||||
| 2024 | 2023 | 2022 | 2022 | |
| (Dollars in millions) | ||||
| Net investment income | $253 | $23 | $9 | $— |
| Net gains on equity securities | (44) | 1 | — | — |
| Operating expenses | (136) | (114) | (60) | (39) |
| Interest expense | (240) | — | — | — |
| Income tax benefit | 64 | 25 | 8 | 6 |
| Income from subsidiaries, net of tax | 832 | 457 | 367 | 164 |
| Net income attributable to American National Group Inc. stockholders | 729 | 392 | 324 | 131 |
| Less: Preferred stock dividends | 33 | — | — | — |
| Net income attributable to American National Group Inc. common stockholder | 696 | 392 | 324 | 131 |
| Other comprehensive income (loss) from subsidiaries | 443 | 339 | (448) | (616) |
| Total comprehensive income (loss) | $1,172 | $731 | $(124) | $(485) |
The accompanying notes are an integral part of the combined financial information.
| Condensed Statements of Cash Flows (Parent Company Only) | ||||
|---|---|---|---|---|
| Successor · Predecessor | ||||
| Year Ended December 31, · Period FromMay 25 toDecember 31, · Period FromJanuary 1 toMay 24, | ||||
| 2024 | 2023 | 2022 | 2022 | |
| (Dollars in millions) | ||||
| Operating activities: | ||||
| Net income | $729 | $392 | $324 | $131 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||
| Net gains on equity securities | 1 | (1) | — | — |
| Deferred federal income tax expense (benefit) | 270 | (11) | — | (2) |
| Equity in earnings of subsidiaries | (832) | (457) | (367) | (164) |
| Dividends from subsidiaries | 257 | 557 | 641 | 47 |
| Changes in: | ||||
| Changes in working capital | 23 | — | — | — |
| Current tax receivable/payable | (323) | — | — | — |
| Other, net | (34) | 2 | 2 | (38) |
| Net cash provided by (used in) operating activities | 91 | 482 | 600 | (26) |
| Investing activities: | ||||
| Investments in subsidiaries | (1,871) | (78) | — | — |
| Change in short-term investments | — | 15 | (15) | — |
| Net cash provided by (used in) investing activities | (1,871) | (63) | (15) | — |
| Financing activities: | ||||
| Issuance of equity | — | — | 45 | — |
| Borrowings from related parties | 1,300 | — | 5 | — |
| Borrowings from external parties | 2,500 | — | 500 | — |
| Repayment of borrowings to external parties | (1,900) | — | (507) | — |
| Debt issuance costs | (4) | — | (5) | — |
| Dividends to stockholders | (105) | (750) | — | (22) |
| Net cash provided by (used in) financing activities | 1,791 | (750) | 38 | (22) |
| Cash and cash equivalents | ||||
| Cash and cash equivalents, beginning of period | 304 | 635 | 12 | 60 |
| Net change during the period | 11 | (331) | 623 | (48) |
| Cash and cash equivalents, end of period | $315 | $304 | $635 | $12 |
| Supplemental cash flow information | ||||
| Equity contribution and invested assets received | $— | $2,130 | $— | $— |
| Investment in subsidiaries contribution | — | (1,231) | — | — |
The accompanying notes are an integral part of the combined financial information.
Notes to the Condensed Financial Information of Registrant (Parent Company Only)
- Basis of Presentation
These condensed financial statements of American National Group Inc. (the “Parent Company”) should be read in conjunction with the consolidated financial statements and notes thereto of the Parent Company and its subsidiaries.
All operating activities of the Parent Company are conducted by its operating subsidiaries. The Parent Company is a holding company that does not conduct any substantive business operations and does not have any assets other than equity securities, cash and cash equivalents, investments in its subsidiaries, due from related party, and other assets. The operating subsidiaries are regulated insurance companies and therefore have restrictions on the ability to pay dividends, loan funds and make other upstream distributions to the Parent Company without prior approval by local regulators.
For the purposes of these condensed financial statements, the Parent Company’s wholly owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed statements of financial position. The earnings of its subsidiaries are reported on a net basis as income (loss) of equity method investments on the condensed statements of comprehensive income (loss).
During the years ended December 31, 2024 and December 31, 2023, the Parent Company received dividends from subsidiaries of $257 million and $557 million, respectively. During the period from May 25, 2022 to December 31, 2022 and the Predecessor period from January 1, 2022 to May 24, 2022, the Parent Company received dividends from subsidiaries of $641 million and $47 million, respectively. See Note 25 - Statutory Financial Information and Dividend Restrictions to the consolidated financial statements for additional information on subsidiary dividend restrictions.
- Commitments and Contingencies
See Note 21 - Notes Payable and Long Term Borrowings to our audited consolidated financial statements in this Form 10-K for a description of the Parent Company's notes payable and subordinated debentures payable to subsidiary trusts.
The Parent Company had no other material commitments or contingencies during the reported periods.
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