American National Group Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Schedule II. Condensed Financial Information of Registrant
| Condensed Statements of Financial Position (Parent Company Only) | ||
|---|---|---|
| December 31, | ||
| 2025 | 2024 | |
| (Dollars in millions) | ||
| Assets | ||
| Available-for-sale fixed maturity securities | $254 | $— |
| Equity securities | 241 | 657 |
| Short-term investments | 163 | — |
| Cash and cash equivalents | 553 | 315 |
| Investments in subsidiaries | 12,380 | 13,184 |
| Due from related party | 101 | 1,848 |
| Other assets | 245 | 142 |
| Total assets | $13,937 | $16,146 |
| Liabilities | ||
| Long-term debt | $2,951 | $2,957 |
| Accounts payable and accrued liabilities | 29 | 12 |
| Due to related party | 1,330 | 3,180 |
| Other liabilities | 78 | 47 |
| Total liabilities | 4,388 | 6,196 |
| Equity | ||
| Preferred stock, Series A | — | 389 |
| Preferred stock, Series B | — | 296 |
| Preferred stock, Series D | 292 | — |
| Additional paid-in capital | 6,690 | 8,103 |
| Accumulated other comprehensive income (loss), net of taxes | (166) | (118) |
| Retained earnings | 2,733 | 1,280 |
| Total equity | 9,549 | 9,950 |
| Total liabilities and equity | $13,937 | $16,146 |
| Condensed Statements of Comprehensive Income (Parent Company Only) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (Dollars in millions) | |||
| Net investment income | $115 | $253 | $23 |
| Net gains (losses) on equity securities | 51 | (44) | 1 |
| Operating expenses | (9) | (136) | (114) |
| Interest expense | (304) | (240) | — |
| Income tax benefit | 73 | 64 | 25 |
| Income from subsidiaries, net of tax | 607 | 832 | 457 |
| Net income attributable to American National Group Inc. stockholders | 533 | 729 | 392 |
| Less: Preferred stock dividends | 64 | 33 | — |
| Net income attributable to American National Group Inc. common stockholder | $469 | $696 | $392 |
| Net income attributable to American National Group Inc. stockholders | $533 | $729 | $392 |
| Other comprehensive income from subsidiaries | 743 | 443 | 339 |
| Total comprehensive income attributable to American National Group Inc. stockholders | $1,276 | $1,172 | $731 |
The accompanying notes are an integral part of the combined financial information.
| Condensed Statements of Cash Flows (Parent Company Only) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (Dollars in millions) | |||
| Operating activities: | |||
| Net income | $533 | $729 | $392 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Net gains (losses) on equity securities | (51) | 1 | (1) |
| Deferred federal income tax expense (benefit) | (6) | 270 | (11) |
| Equity in earnings of subsidiaries | (607) | (832) | (457) |
| Dividends from subsidiaries | 812 | 257 | 557 |
| Changes in: | |||
| Changes in working capital | (65) | 23 | — |
| Current tax receivable/payable | (1) | (323) | — |
| Other, net | (158) | (34) | 2 |
| Net cash provided by operating activities | 457 | 91 | 482 |
| Investing activities: | |||
| Investments in subsidiaries | (150) | (1,871) | (78) |
| Change in short-term investments | 1 | — | 15 |
| Net cash used in investing activities | (149) | (1,871) | (63) |
| Financing activities: | |||
| Issuance of preferred equity | 292 | — | — |
| Redemption of preferred equity | (685) | — | — |
| Capital contributions from common stockholder | 400 | — | — |
| Borrowings from related parties | — | 1,300 | — |
| Borrowings from external parties | 1,200 | 2,500 | — |
| Repayment of borrowings to external parties | (1,200) | (1,900) | — |
| Debt issuance costs | (13) | (4) | — |
| Dividends paid to stockholders | (64) | (105) | (750) |
| Net cash provided by (used in) financing activities | (70) | 1,791 | (750) |
| Cash and cash equivalents | |||
| Cash and cash equivalents, beginning of period | 315 | 304 | 635 |
| Net change during the period | 238 | 11 | (331) |
| Cash and cash equivalents, end of period | $553 | $315 | $304 |
| Supplemental cash flow information | |||
| Equity contribution and invested assets received | $30 | $— | $2,130 |
| Investment in subsidiaries contribution | (30) | — | (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 available-for-sale fixed maturity securities, equity securities, short-term investments, 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, 2025, 2024 and 2023, the Parent Company received dividends from subsidiaries of $842 million, $257 million, and $557 million respectively. See Note 24 - Statutory Financial Information and Dividend Restrictions to the consolidated financial statements for additional information on subsidiary dividend restrictions.
- Commitments and Contingencies
See Note 20 - 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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