American National Group Inc.

For the period ended Mar 31, 2025. Filed May 15, 2025.

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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.

Mar 31, 2025 · Filed May 15, 2025

ANG-PD$22.01-2.6%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Financial Position (unaudited)

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Dollars in millions, except share and per share data)
(Unaudited)
	March 31, 2025	December 31, 2024
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $11 and $27, respectively; amortized cost of $48,682 and $47,127, respectively)	$49,290	$47,292
Equity securities, at fair value	1,086	1,142
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $154 and $155, respectively)	11,675	12,117
Private loans, at amortized cost (net of allowance for credit loss of $77 and $66, respectively)	6,147	5,732
Real estate and real estate partnerships (net of accumulated depreciation of $227 and $228, respectively)	4,998	4,992
Investment funds	3,037	3,015
Policy loans	265	274
Short-term investments, at estimated fair value	8,017	4,177
Other invested assets	2,175	2,014
Total investments	86,690	80,755
Cash and cash equivalents	7,520	11,330
Accrued investment income	764	761
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	10,783	10,631
Premiums due and other receivables	453	437
Ceded unearned premiums	129	132
Deferred tax asset	517	529
Reinsurance recoverables and deposit assets	9,943	10,055
Property and equipment (net of accumulated depreciation of $360 and $352, respectively)	172	175
Intangible assets (net of accumulated amortization of $85 and $56, respectively)	1,569	1,545
Goodwill	783	783
Other assets	2,858	2,745
Separate account assets	1,253	1,343
Total assets	$123,434	$121,221

AMERICAN NATIONAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Dollars in millions, except share and per share data)
(Unaudited)
	March 31, 2025	December 31, 2024
Liabilities
Future policy benefits	$9,629	$9,170
Policyholders’ account balances	84,606	83,079
Policy and contract claims	1,908	1,867
Market risk benefits	4,066	3,655
Unearned premium reserve	944	1,044
Due to related parties	108	80
Other policyholder funds	357	347
Notes payable	196	189
Long term borrowings	2,959	2,957
Funds withheld for reinsurance liabilities	3,197	3,321
Other liabilities	4,166	4,141
Separate account liabilities	1,253	1,343
Total liabilities	113,389	111,193
Equity
Preferred stock, Series A; par value $1 per share; $25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2025 - no shares 2024 - 16,000 shares	—	389
Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - 12,000 shares 2024 - 12,000 shares	296	296
Preferred stock, Series D; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - 12,000 shares 2024 - no shares	292	—
Additional paid-in capital	7,571	7,569
Accumulated other comprehensive income (loss), net of taxes	670	340
Retained earnings	1,133	1,356
Non-controlling interests	83	78
Total equity	10,045	10,028
Total liabilities and equity	$123,434	$121,221

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