American National Group Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 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.
Jun 30, 2025 · Filed Aug 13, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended June 30, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from ________ to ________
Commission file number:001-31911
American National Group Inc.
(Exact name of Registrant as specified in its charter)
| Delaware | 42-1447959 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
One Moody Plaza
Galveston, Texas 77550
(Address of principal executive offices, including zip code)
(888)221-1234
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | ANGpB | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series D | ANGpD | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒
As of August 12, 2025,10,000 shares of our common shares were outstanding, all of which are held by Brookfield Wealth Solutions Ltd. and its affiliates.
American National Group Inc. meets the conditions set forth in General Instruction (H)(1)(a) and (b) for Form 10-Q and therefore is filing this Form 10-Q in the reduced disclosure format.
TABLE OF CONTENTS
| Page | |
|---|---|
| PART I - FINANCIAL INFORMATION | |
| Item 1: Financial Statements (unaudited): | |
| Condensed Consolidated Statements of Financial Position (unaudited) | 2 |
| Condensed Consolidated Statements of Operations (unaudited) | 4 |
| Condensed Consolidated Statements of Comprehensive Income (unaudited) | 5 |
| Condensed Consolidated Statements of Changes in Equity (unaudited) | 6 |
| Condensed Consolidated Statements of Cash Flows (unaudited) | 8 |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 10 |
| Note 1. Organization and Description of the Company | 10 |
| Note 2. Summary of Significant Accounting Policies | 10 |
| Note 3. Available-For-Sale Fixed Maturity Securities | 11 |
| Note 4. Equity Securities | 15 |
| Note 5. Mortgage Loans on Real Estate | 15 |
| Note 6. Private Loans | 19 |
| Note 7. Real Estate and Real Estate Partnerships | 20 |
| Note 8. Variable Interest Entities and Equity Method Investments | 20 |
| Note 9. Derivative Instruments | 22 |
| Note 10. Net Investment Income and Investment Related Gains (Losses) | 27 |
| Note 11. Fair Value of Financial Instruments | 28 |
| Note 12. Reinsurance | 37 |
| Note 13. Separate Account Assets and Liabilities | 38 |
| Note 14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 39 |
| Note 15. Intangible Assets | 41 |
| Note 16. Acquisitions | 42 |
| Note 17. Future Policy Benefits | 43 |
| Note 18. Policyholders' Account Balances | 46 |
| Note 19. Market Risk Benefits | 48 |
| Note 20. Liability for Unpaid Claims and Claim Adjustment Expenses | 49 |
| Note 21. Notes Payable and Long Term Borrowings | 49 |
| Note 22. Income Taxes | 51 |
| Note 23. Stockholders' Equity | 51 |
| Note 24. Accumulated Other Comprehensive Income | 52 |
| Note 25. Related Party Transactions | 52 |
| Note 26. Segment Reporting | 54 |
| Note 27. Financial Commitments and Contingencies | 57 |
| Note 28. Subsequent Events | 57 |
| Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations | 58 |
| Item 3: Quantitative and Qualitative Disclosures about Market Risk | 68 |
| Item 4: Controls and Procedures | 70 |
| PART II - OTHER INFORMATION | |
| Item 1: Legal Proceedings | 70 |
| Item 1A: Risk Factors | 70 |
| Item 2: Unregistered Sales of Equity Securities and Use of Proceeds | 70 |
| Item 3: Defaults Upon Senior Securities | 70 |
| Item 4: Mine Safety Disclosures | 70 |
| Item 5: Other Information | 70 |
| Item 6: Exhibits | 71 |
| Signatures | 72 |
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