American National Group Inc.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 13, 2025
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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Condensed Consolidated Statements of Cash Flows (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities: | ||
| Net income | $169 | $29 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Other policy revenue | (502) | (484) |
| Accretion on investments | (551) | (308) |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | 995 | 649 |
| Deferral of policy acquisition costs | (1,164) | (856) |
| Gains on investments and derivatives | (312) | (614) |
| Other losses (gains) | 16 | (5) |
| Provisions for credit losses | 44 | 30 |
| Income from real estate partnerships, investment funds and corporations | (278) | (294) |
| Distributions from real estate partnerships, investment funds and corporations | 237 | 262 |
| Interest credited to policyholders' account balances | 1,520 | 1,300 |
| Change in fair value of embedded derivatives | 389 | 1,091 |
| Depreciation and amortization | 122 | 109 |
| Deferred income taxes | 138 | (635) |
| Changes in operating assets and liabilities: | ||
| Insurance-related liabilities | 678 | 989 |
| Premiums due and other receivables | (62) | (19) |
| Funds withheld for reinsurance liabilities | (238) | (278) |
| Reinsurance recoverables and deposit assets | 761 | 1,080 |
| Accrued investment income | (25) | (80) |
| Working capital and other | (301) | 138 |
| Cash flows provided by operating activities | 1,636 | 2,104 |
| Investing activities: | ||
| Acquisition of subsidiary, net of cash acquired | — | 10,836 |
| Purchase of investments: | ||
| Available-for-sale fixed maturity securities | (13,018) | (4,819) |
| Equity securities | (73) | (341) |
| Mortgage loans on real estate | (984) | (778) |
| Private loans | (2,422) | (2,140) |
| Investment real estate and real estate partnerships | (1,144) | (1,622) |
| Investment funds | (1,848) | (203) |
| Short-term investments | (11,363) | (6,290) |
| Other invested assets | (235) | (325) |
| Proceeds from sales and maturities of investments: | ||
| Available-for-sale fixed maturity securities | 6,749 | 3,484 |
| Equity securities | 84 | 22 |
| Mortgage loans on real estate | 2,114 | 1,184 |
| Private loans | 956 | 594 |
| Investment real estate and real estate partnerships | 90 | 319 |
| Investment funds | 317 | 379 |
| Short-term investments | 13,880 | 5,513 |
| Other invested assets | 258 | 38 |
| Purchases of derivatives | (714) | (387) |
| Proceeds from sales and maturities of derivatives | 813 | 706 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Purchase of intangibles and property and equipment | (42) | (61) |
| Proceeds from sales of intangibles and property and equipment | — | 28 |
| Change in collateral held for derivatives | 75 | 417 |
| Other | 22 | 11 |
| Cash flows provided by (used in) investing activities | (6,485) | 6,565 |
| Financing activities: | ||
| Issuance of preferred equity | 292 | — |
| Redemption of preferred equity | (400) | — |
| Dividends paid to stockholders | (41) | (22) |
| Payments to noncontrolling interests | — | (1) |
| Borrowings from related parties | 206 | — |
| Repayment of borrowings to related parties | (57) | — |
| Borrowings from external parties | 1,222 | 1,900 |
| Repayment of borrowings to external parties | (700) | (1,501) |
| Policyholders’ account deposits | 12,018 | 7,785 |
| Policyholders’ account withdrawals | (7,485) | (6,117) |
| Debt issuance costs | (13) | (4) |
| Issuance of equity, noncontrolling interests | 64 | — |
| Distributions to noncontrolling interests | (19) | (28) |
| Cash flows provided by financing activities | 5,087 | 2,012 |
| Cash and cash equivalents | ||
| Cash and cash equivalents, beginning of period | 11,330 | 3,192 |
| Net change during the period | 238 | 10,681 |
| Cash and cash equivalents, at end of period | $11,568 | $13,873 |
| Supplementary cash flow disclosure: | ||
| Cash taxes paid (net of refunds received) | $55 | $62 |
| Cash interest paid | 97 | 98 |
| Non-cash transactions: | ||
| Available-for-sale fixed maturity securities 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) |
| Fixed maturities received as proceeds from investment fund sales | 786 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.