American National Group Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2026

1. Organization and Description of the Company

American National Group Inc., together with its subsidiaries (collectively, “ANGI”, “we”, “our”, “us”, or the “Company”) is focused on securing the financial futures of individuals and institutions through a range of insurance and retirement services. We conduct our business in 50 states, the District of Columbia, Bermuda, Guam, and Puerto Rico. ANGI is an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions Ltd.

On October 1, 2025, the Company completed the transfer of all of its property and casualty subsidiaries, including American National Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company and their wholly-owned subsidiaries (collectively, the “P&C Subsidiaries”) to Argo Group International Holdings, Inc., which was subsequently renamed to Clearbrook Group Holdings Inc. (“Clearbrook”). Clearbrook and the Company are both wholly-owned subsidiaries of Brookfield Wealth Solutions Ltd. Amounts in the financial statements and notes thereto have been retrospectively adjusted and reported as discontinued operations. Refer to Note 26 - Discontinued Operations in the notes to the condensed consolidated financial statements for more information.

2. Summary of Significant Accounting Policies

The unaudited condensed consolidated financial statements and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2025 audited consolidated financial statements of the Company included in the Form 10-K, filed with the SEC on March 30, 2026. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results for any subsequent period or the entire fiscal year ending December 31, 2026. These financial statements reflect all adjustments (consisting of normal recurring adjustments, including reclassifications) which are, in the opinion of management, necessary for a fair and comparable statement of results for the interim periods presented in accordance with GAAP.

The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require the use of estimates are fair value of certain financial assets, future policy benefits (“FPB”), market risk benefits (“MRB”), valuation of embedded derivatives in policyholders’ account balances (“PAB”), and deferred income taxes, including the recoverability of deferred tax assets. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

Basis of Consolidation

These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities where the Company has a controlling financial interest by either holding a majority voting interest or being the primary beneficiary of the variable interest entity (“VIE”). Entities that are determined not to be VIEs are voting interest entities (“VOEs”), which are evaluated under the voting interest model, under which a controlling financial interest is established through a majority voting interest or through other means.

The consolidation assessment depends on the specific facts and circumstances for each entity and requires judgment. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Refer to Note 2 of the Company’s December 31, 2025 audited consolidated financial statements for a further description of the Company’s accounting policies regarding consolidation.

Out-of-Period Adjustment

During the quarter ended June 30, 2026, the Company identified an immaterial error that existed in the previously issued financial statements due to the incorrect initial classification of certain investments resulting in the impacted investments being held as equity securities rather than equity method investments within investment funds. The Company evaluated the materiality of the error from both a quantitative and qualitative perspective in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, and concluded that the error was not material to any period. The Company corrected the cumulative effect of the error with an out-of-period adjustment in the financial statements for the quarter ended June 30, 2026. The out-of-period adjustment resulted in a $22 million increase in “Net income (loss)”, a $101 million decrease in “Total investments”, which includes a $540 million decrease in “Equity securities, at fair value”, and a $439 million increase in "Other invested assets”, a $21 million increase in “Deferred tax asset”, and a $80 million decrease in “Total equity”, which includes a $107 million decrease in “Additional paid-in capital”, a $22 million increase in “Retained earnings”, and a $5 million increase in “Accumulated other comprehensive income, net of taxes”. The impact to “Additional paid-in capital” is reflected in the “Contributions from (distributions to) shareholders, net of tax” line within the Condensed Consolidated Statement of Changes in Equity for the three and six months ended June 30, 2026.

Adoption of New Accounting Pronouncements

In the current period, the Company did not adopt any Accounting Standard Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that was material in presentation or amount.

Accounting Policies

The following is a subset of the Company’s significant accounting policies and should be read in conjunction with its significant accounting policies described in Note 2 of its December 31, 2025 audited consolidated financial statements.

Segments– In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company uses a management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocation of resources and assessing performance. The Company’s CODM has been identified as the Brookfield Wealth Solutions Ltd. Chief Executive Officer and the Brookfield Wealth Solutions Ltd. Chief Financial Officer who review the results of operations when making decisions about capital allocation and investment strategies, as well as product mix and pricing of insurance products. Starting in the second quarter of 2026, the Company’s operations are managed on a consolidated basis (see Note 24 - Segment Reporting).

Recently Issued Accounting Pronouncements

The Company continues to assess the impacts on the financial statements of the following ASUs issued but not yet adopted as of June 30, 2026. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

ASU 2024-03– On November 4, 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, to be applied on either a retrospective or prospective basis subject to certain exceptions, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. However, as they apply to disclosure requirements, the adoption of this ASU is not anticipated to have a material impact on our profitability, financial position or cash flows.

ASU 2025-06 – On September 18, 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to Accounting for Internal-Use Software. The amendments in this ASU aim to simplify and modernize the guidance for internal-use software costs by removing stage-based development references and introducing a principle-based approach for capitalization criteria. Among other things, it clarifies when costs should be capitalized versus expensed, eliminates certain terminology, and aligns the guidance more closely with current software development practices. This ASU will be effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and should be applied prospectively, with early adoption permitted. Entities may also elect retrospective application or a modified retrospective application. The Company is currently assessing the potential impact of adopting this standard on its consolidated financial statements and related disclosures.

3. Available-For-Sale Fixed Maturity Securities

The total amortized cost, fair value, allowance for credit losses, and gross unrealized gains and losses of available-for-sale fixed maturity securities are shown below:

The amortized cost and fair value of available-for-sale fixed maturity securities at June 30, 2026, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential mortgage-backed securities, commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.

Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:

The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $10.4 billion as of June 30, 2026 and December 31, 2025.

In accordance with various regulations, the Company has securities on deposit with regulatory authorities with a carrying value of $52 million as of June 30, 2026 and December 31, 2025. There are no restrictions on these assets.

As of June 30, 2026 there wereno amounts loaned under reverse repurchase agreements. As of December 31, 2025, amounts loaned under reverse repurchase agreements were $400 million and the fair value of the collateral, comprised of equity securities, was $872 million.

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:

(1)Unrealized losses have been reduced to exclude the allowance for credit losses of $0 million and $3 million as of June 30, 2026 and December 31, 2025, respectively.

The unrealized losses at June 30, 2026 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at June 30, 2026. Approximately 95% and 92% of the unrealized losses on fixed maturity securities shown in the above table for June 30, 2026 and December 31, 2025, respectively, are on securities that are rated investment grade, defined as being the highest two National Association of Insurance Commissioners (“NAIC”) designations.

The Company expects to recover the amortized cost on all securities except for those securities on which we recognized an allowance for credit loss. In addition, as the Company did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that the Company would be required to sell these securities prior to recovery of the amortized cost, which may occur at maturity, the Company did not write down these investments to fair value through the Condensed Consolidated Statements of Operations.

Several assumptions and underlying estimates are made in the evaluation of allowance for credit losses. Examples include financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities for which an allowance for credit loss was not recorded were concentrated within the financials sector as of June 30, 2026 and December 31, 2025.

The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below:

No accrued interest receivables were written off as of June 30, 2026 and December 31, 2025.

4. Equity Securities

The net gains on equity securities recognized in “Investment related gains (losses)” on the Condensed Consolidated Statements of Operations are shown below:

Equity securities by market sector distribution are shown below, based on carrying value:

5. Mortgage Loans on Real Estate

The Company disaggregates its mortgage loan investments intotwo portfolio segments: commercial and residential. Commercial mortgage loans include agricultural mortgage loans. The breakdown of mortgage loans on real estate by portfolio segment is as follows:

The Company’s commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:

Interest income recognized on loans in non-accrual status and impaired loans were not significant for any of the periods presented.

The Company establishes a valuation allowance to provide for the risk of credit losses inherent in its mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. The Company does not measure a credit loss allowance on accrued interest receivable, and any uncollectible accrued interest receivable balances are written off to net investment income in a timely manner. The amount of uncollectible accrued interest receivable on its commercial or residential mortgage loan portfolios that was written off was not significant for any of the periods presented.

The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2026 and 2025 is shown below:

Credit Quality Indicators

Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by property type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination and aging category is shown below:

It is the Company’s policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. As of June 30, 2026 and December 31, 2025,264 mortgage loans and 275 mortgage loans, respectively, were past due over 90 days or in nonaccrual status.

The Company’s commercial and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into the Company’s allowance methodology. However, if the Company grants a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. The carrying amount of mortgage loans experiencing financial difficulty, for which modifications have been granted, was $19 million and $89 million for the six months ended June 30, 2026 and 2025, respectively.

6. Private Loans

The following table summarizes the credit ratings of our private loans:

(1)Due to the private nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.

The rollforward of the allowance for credit losses for private loans is shown below for the three and six months ended June 30, 2026 and 2025:

The Company’s private loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulties and could include term extensions. For the six months ended June 30, 2026 and 2025, the Company did not have a significant amount of private loans that it modified to borrowers experiencing financial difficulty. Impaired loans were not significant for any of the periods presented.

7. Investment Real Estate and Real Estate Partnerships

The carrying amounts of investment real estate and real estate partnerships are as follows:

As of June 30, 2026 and December 31, 2025, real estate investments of $56 million and $63 million, respectively, met the criteria as held-for-sale.

8. Variable Interest Entities and Equity Method Investments

Through our investment activities, we regularly invest in various entities including limited partnerships (“LPs”) and limited liability companies (“LLCs”) and frequently participate in the design with their sponsor, but in most cases, our involvement is limited to financing. Some of these investments have been determined to be VIEs. In certain instances, in addition to an economic interest in the entity, the Company holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary. The Company consolidates all VIEs for which it is the primary beneficiary. The assets of consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as the Company’s obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these consolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2026 and December 31, 2025.

In addition to investment activities, certain of the Company’s subsidiaries are deemed VIEs. The Company is the primary beneficiary and consolidates these entities in the same manner as other entities in which the Company has a controlling financial interest by holding a majority voting interest.

Consolidated Variable Interest Entities

The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows:

Unconsolidated Variable Interest Entities

For certain of the Company’s investments in various entities that are determined to be VIEs, the Company is not the primary beneficiary. In some instances, a consolidated VIE involves one or more underlying entities for which the Company is not the primary beneficiary because it does not have the power to direct the most significant activities of these entities. These unconsolidated VIEs that are part of consolidated VIEs are reported primarily in “Investment real estate and real estate partnerships” on the Condensed Consolidated Statements of Financial Position. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as the Company’s obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these unconsolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2026 and December 31, 2025.

The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows:

Equity Method Investments

Our investments in investment funds, real estate partnerships, and other partnerships, of which substantially all are LLCs or LPs, are accounted for using the equity method of accounting, except for certain investments that are fair valued due to the application of fair value option under ASC 825 or the consolidation of investment company VIEs under ASC 946. The fair value of certain investments is estimated using net asset value (“NAV”) as a practical expedient.

The Company’s investments that would require the use of equity method accounting, absent the election of the fair value option under ASC 825, were $7.7 billion and $6.4 billion as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, these equity method investments are primarily composed of $3.2 billion and $2.9 billion of real estate partnerships, $3.5 billion and $3.0 billion of investment funds, and $1.1 billion and $0.5 billion of other invested assets, respectively, within the Consolidated Statements of Financial Position. Balance as of June 30, 2026 includes $431 million of common stock of Brookfield Business Corporation (“BBUC”) for which a quoted market price is available. The aggregate value of our interest in BBUC based on the quoted market price as of June 30, 2026 was $509 million.

The Company generally recognizes its share of earnings in its equity method investments within “Net investment income”. For the three and six months ended June 30, 2026 and 2025, net investment income for Real estate partnerships and Investment funds in Note 10 - Net Investment Income and Investment Related Gains (Losses) principally represents our share of earnings in our equity method investments, including fair value changes from investments under ASC 825.

9. Derivative Instruments

The Company manages risks associated with certain assets and liabilities by using derivative financial instruments. Derivative financial instruments are financial contracts whose value is derived from underlying interest rates, exchange rates or other financial instruments. The Company does not invest in derivatives for speculative purposes.

Foreign exchange forwards, cross currency and interest rate swaps, and equity-indexed options are over-the-counter contractual agreements negotiated between counterparties. The Company purchases equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. Foreign exchange forwards, cross currency swaps, and interest rate swaps are used to manage our exposure to foreign currency risk, interest rate risk or both.

The notional principal represents the amount to which a rate or price is applied to determine the cash flows to be exchanged periodically and does not represent credit exposure. Maximum credit risk is the estimated cost of replacing derivative financial instruments which have a positive value, should the counterparty default.

Derivatives, except for embedded derivatives, are included in “Other invested assets” or “Other liabilities”, at fair value in the Condensed Consolidated Statements of Financial Position. Embedded derivative liabilities on funds withheld and modified coinsurance (“Modco”) arrangements and embedded derivative liabilities on indexed annuity products are included in the Condensed Consolidated Statements of Financial Position within the “Funds withheld for reinsurance liabilities” and “Policyholders’ account balances” lines respectively, at fair value.

The notional and fair values of derivative instruments, presented in the Condensed Consolidated Statements of Financial Position, are shown below:

(1)The asset and liability balances are presented on a gross basis. Amounts are reported as “Other invested assets” and “Other liabilities” in the Condensed Consolidated Statements of Financial Position after the evaluation for rights of offset. See “Derivative Exposure” section of this note for further details.

Derivatives Designated as Hedging Instruments

The Company has designated and accounted for certain foreign exchange forwards (“foreign currency derivatives”) as fair value hedges to protect a portion of the available-for-sale fixed maturity securities against changes in fair value due to changes in exchange rates. The Company has also designated and accounted for certain interest rate swaps (“interest rate derivatives”) as fair value hedges to convert a portion of PAB from a fixed rate liability to a floating rate liability.

For derivative financial instruments that were designated and qualified as fair value hedges, the gain or loss on the portion of the derivative instrument included in the assessment of hedge effectiveness and the offsetting gain or loss on the hedged item attributable to the hedged risk were recognized in the same line item in the Condensed Consolidated Statements of Operations. The unrealized gain or loss attributable to changes in exchange rates on the available-for-sale fixed maturity securities that were designated as part of the hedge were reclassified out of other comprehensive income (“OCI”) into “Investment related gains (losses)” in the Condensed Consolidated Statements of Operations. The remaining change in unrealized gain or loss on the hedged item not associated with the risk being hedged remained as a component of OCI. The gains (losses) on interest rate derivatives designated as hedging instruments for certain PAB are included in “Interest sensitive contract benefits” in the Condensed Consolidated Statements of Operations.

The following represents the amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedges:

The amortized cost of available-for-sale fixed maturity securities designated and qualifying as hedged items in fair value hedges in relation to foreign currency derivatives was $540 million and $593 million as of June 30, 2026 and December 31, 2025, respectively.

The following table presents the carrying amount and cumulative fair value hedging adjustments for a portion of PAB designated and qualifying as hedged items in fair value hedges in relation to interest rate derivatives:

Derivatives Not Designated as Hedging Instruments

The following represents the financial statement location and amount of gains (losses) related to derivatives not designated as hedging instruments:

Derivative Exposure

The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The minimum credit rating of our counterparties is A- as of June 30, 2026 and A- as of December 31, 2025, and all derivatives have been appropriately collateralized by the Company and the counterparties in accordance with the terms of the derivative agreements. The Company holds collateral in cash and notes secured by U.S. government-backed assets. The non-performance risk is the net counterparty exposure based on fair value of open contracts less fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. A right of offset has been applied to collateral that supports credit risk and has been recorded in the Condensed Consolidated Statements of Financial Position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. A right of offset has also been applied to derivative assets and liabilities with the same counterparty under the same master netting agreement, and such derivative instruments are presented on a net basis in the Condensed Consolidated Statements of Financial Position.

Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below:

(1)Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

(3)Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2026 and December 31, 2025, the Company held excess collateral of $5 million and $115 million, respectively.

10. Net Investment Income and Investment Related Gains (Losses)

Net investment income is shown below:

Net unrealized and realized investment gains (losses) are shown below:

(1)Includes derivatives gains (losses). See Note 9 - Derivative Instruments for details.

11. Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction as of the measurement date from the perspective of a market participant. The Company has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:

Level 1 -Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 -Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3 -Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation

The fair value hierarchy measurements for assets and liabilities measured at fair value on a recurring basis are shown below:

(1)Balances represent real estate partnerships in which the Company has elected the fair value option under ASC 825. Real estate partnerships accounted for as equity method investments are $1.3 billion and real estate held at amortized cost is $1.8 billion as of June 30, 2026.

(2)Balances represent financial assets that are fair valued as a result of consolidation of investment company VIEs in accordance with ASC 946. Investment funds accounted for as equity method investments are $3.1 billion and investment funds measured using NAV as a practical expedient are $330 million as of June 30, 2026.

(3)There were no amounts loaned under reverse repurchase agreements as of June 30, 2026.

(4)Other invested assets accounted for as equity method investments, and therefore excluded from the table, are $660 million as of June 30, 2026.

(1)Balances represent real estate partnerships in which the Company has elected the fair value option under ASC 825. Real estate partnerships accounted for as equity method investments are $1.1 billion and directly held real estate is $2.8 billion as of December 31, 2025.

(2)Balances represent financial assets that are fair valued as a result of consolidation of investment company VIEs in accordance with ASC 946. Investment funds accounted for as equity method investments are $2.4 billion and investment funds measured using NAV as a practical expedient are $640 million as of December 31, 2025.

(3)Balance as of December 31, 2025 includes $400 million of amounts loaned under reverse repurchase agreements. The fair value of the collateral received under these agreements was $872 million as of December 31, 2025.

(4)Other invested assets accounted for as equity method investments, and therefore excluded from the table, are $215 million as of December 31, 2025.

The carrying amount and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below. The table below excludes accrued investment income, which is recorded at amortized cost in the statements of financial position, as their carrying amounts approximate fair values due to their short-term nature.

(1)Excludes balances associated with contracts that involve significant mortality or morbidity risks, as these fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

For assets and liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below:

(1)Balance includes separately managed accounts.

(2)See Note 18 - Market Risk Benefits for the reconciliation of the beginning and ending balances for market risk benefits.

Transfers into and out of Level 3 during the three and six months ended June 30, 2026 were primarily the result of changes in observable pricing. The Company’s valuation of financial instruments categorized as Level 3 in the fair value hierarchy are based on valuation techniques that use significant inputs that are unobservable or had a decline in market activity that obscured observability. The fair values of these assets and liabilities are subject to significant management judgment and estimation, and inherently, the use of different assumptions or valuation methodologies may have a material effect on such value. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and discounted cash flow methodology based on spread/yield assumptions.

12. Reinsurance

The Company reinsures its business through a diversified group of reinsurers (“reinsurance ceded”) and assumes certain business by entering into agreements with third-party insurers (“reinsurance assumed”). Under reinsurance ceded transactions, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances is evaluated by monitoring ratings and the financial strength of its reinsurers.

The effect of reinsurance on the applicable line items on our Condensed Consolidated Statements of Operations is as follows:

The following summarizes our significant life and annuity reinsurance treaties and related recoverables:

There were no significant changes to third party or intercompany reinsurance agreements for the three and six months ended June 30, 2026.

13. Separate Account Assets and Liabilities

The following table presents the changes in the Company’s separate account assets and liabilities:

14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

The following tables present a rollforward of deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”) and value of business acquired (“VOBA”) for the periods indicated:

The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2026:

(1)Expected amortization for the remainder of 2026.

15. Intangible Assets

The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination.

No impairment expenses of intangible assets were recognized for the three and six months ended June 30, 2026 and 2025. The Company estimates that its intangible assets do not have any significant residual value in determining their amortization. Amortization expenses for definite-lived intangible assets were $151 million and $170 million for the three and six months ended June 30, 2026, and $21 million and $50 million for the three and six months ended June 30, 2025, respectively.

The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of June 30, 2026.

(1)Expected amortization for the remainder of 2026.

16. Future Policy Benefits

The reconciliation of the balances described in the table below to “Future policy benefits” in the Condensed Consolidated Statements of Financial Position is as follows.

Future Policy Benefits

The balances and changes in the liability for future policy benefits are as follows:

(1)For the six months ended June 30, 2026 and 2025, the Company recognized liability remeasurement losses of $60 million and $31 million, respectively, from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the Condensed Consolidated Statements of Operations.

The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:

The amount of revenue and interest recognized in the Condensed Consolidated Statements of Operations follows:

17. Policyholders' Account Balances

Policyholders’ account balances relate to investment-type contracts and universal life-type policies as well as balances relating to funding agreements. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and group annuity contracts.

The balances and changes in policyholders’ account balances are as follows:

(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.

(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.

18. Market Risk Benefits

The net balance of market risk benefit (MRB) assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts is as follows:

(1)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.

The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the Condensed Consolidated Statements of Financial Position follows.

19. Long Term Borrowings

The following is a summary of our long term borrowings:

The agreements above require the Company and its subsidiaries to maintain minimum net worth covenants. As of June 30, 2026 and December 31, 2025, the Company was in compliance with its financial covenants.

20. Income Taxes

For the three and six months ended June 30, 2026, the effective tax rates on pre-tax income were 25.7% and 29.7%, respectively. For the three and six months ended June 30, 2026, the Company’s effective rate was higher than the statutory rate of 21% for both periods primarily due to the impact of changes to our Bermuda deferred tax asset and tax credit project expenses charged to tax expense.

For the three and six months ended June 30, 2025, the effective tax rates on pre-tax income were 19.4% and 23.0%, respectively. For the three month period, the effective tax rate was not materially different from the statutory rate of 21%. For the six months ended June 30, 2025, the effective tax rate was higher than the statutory rate of 21% due to pre-tax losses incurred during the period, which generated a tax benefit, and normal tax benefits that further increased our tax benefit.

Pillar Two and Bermuda Corporate Income Tax Regime

In December 2023, the Government of Bermuda enacted a corporate income tax (“CIT”) regime, designed to align with the Organization for Economic Cooperation and Development's ("OECD's") global minimum tax rules. The Corporate Income Tax Act 2023 came into operation in its entirety on January 1, 2025. The regime applies a 15% CIT to Bermuda businesses that are part of Multinational Enterprise Groups with annual revenue of €750 million or more, which includes ANGI. As of June 30, 2026, we had a current tax asset of $44 million and a deferred tax asset of $435 million and as of December 31, 2025, we had a current tax asset of $44 million and a deferred tax asset of $457 million related to this regime.

The Company continues to evaluate the impact of the global minimum tax requirements by monitoring the legislative changes and future developments in relation to Pillar Two across jurisdictions in which the Company operates and assessing their impact on our operations and financial statements.

21. Stockholders' Equity

Common Stock

The Company has 10,000 shares of common stock with a par value of $0.01 per share authorized and outstanding, all of which are held by Brookfield Wealth Solutions Ltd. and its affiliates. See Note 1 - Organization and Description of the Company for additional information.

Preferred Stock - Dividends

Dividends on the Series D preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the 15th day of January, April, July and October of each year, commencing on April 15, 2025. The Series D preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.

During the three months ended June 30, 2026 and 2025, we accrued for dividends totaling $6 million and $6 million for the Series D preferred stock. For the six months ended June 30, 2026 and 2025, we paid dividends totaling $6 million and $6 million for Series D preferred stock.

For the six months ended June 30, 2025, we paid dividends totaling $8 million for Series A preferred stock.

For the three and six months ended June 30, 2025, we paid dividends totaling $5 million and $10 million for Series B preferred stock.

Distribution to Parent

Effective June 17, 2026, the Company approved a distribution to Brookfield Wealth Solutions Ltd. primarily composed of $433 million in promissory notes receivable and other assets. The remainder of the distribution includes property and casualty related assets that will be ultimately transferred to Clearbrook. The impact to stockholders’ equity as a result of this transaction was a decrease of $491 million.

22. Accumulated Other Comprehensive Income

The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below:

23. Related Party Transactions

The Company has entered into recurring transactions and agreements with certain related parties. The impact on the Condensed Consolidated Financial Statements of significant related party transactions is discussed below.

Investment Management

For the three and six months ended June 30, 2026, the Company paid investment management fees pursuant to investment management agreements with an affiliate of Brookfield Asset Management Ltd. (“BAM”) of $65 million and $127 million, respectively. For the three and six months ended June 30, 2025 the Company paid investment management fees pursuant to investment management agreements with an affiliate of Brookfield Asset Management Ltd. (“BAM”) of $52 million and $99 million, respectively. The Company had $62 million and $57 million of investment management fees payable to an affiliate of BAM as of June 30, 2026 and December 31, 2025, respectively, which are included in “Due to related parties” on the Condensed Consolidated Statements of Financial Position.

Other Related Party Transactions

As of June 30, 2026 and December 31, 2025, we held investments in related parties of $9.6 billion and $9.6 billion, respectively, not including equity method investments. See Note 8 - Variable Interest Entities and Equity Method Investments for details on our equity method investments. Our investments in related parties as of June 30, 2026 and December 31, 2025 include approximately $3.8 billion and $4.2 billion respectively, of private loans with subsidiaries of Brookfield Corporation. The Company’s investments in related parties are net of maturities, prepayments and sales that occurred during the year and reflect any other changes in carrying values during the year, such as fair value changes for investments carried at fair value.

Our investment transactions with related parties for the six months ended June 30, 2026 include the refinancing of an existing $450 million loan provided to subsidiaries of Brookfield Infrastructure Partners L.P. For the six months ended June 30, 2025, we didnot have significant investment transactions with related parties.

Subsidiaries of the Company had demand deposit agreements with Brookfield Treasury Management Ltd. (“BTML”), a subsidiary of Brookfield Corporation and BWS US Holdings LLC (“BWS US”), an indirect wholly-owned subsidiary of Brookfield Wealth Solutions Ltd. As of June 30, 2026 and December 31, 2025, the balance under the BTML agreement was $272 million and $265 million, respectively. The balance outstanding under the agreement with BWS US at June 30, 2026 and December 31, 2025 was $357 million and $532 million, respectively. These amounts are included in “Cash and cash equivalents” in the Company's Condensed Consolidated Statements of Financial Position. For the three and six months ended June 30, 2026, the Company earned interest income from these agreements of $11 million and $20 million, respectively, and $8 million and $17 million for the three and six months ended June 30, 2025, respectively.

On April 1, 2026, Brookfield Wealth Solutions Ltd. closed on the acquisition of Just Group plc (“Just”). One of the Company’s subsidiaries had a pre-existing coinsurance reinsurance agreement with Just, and following the acquisition, Just is now considered a related party of ANGI. There is no financial statement impact or change to the existing reinsurance agreement as a result of this transaction.

24. Segment Reporting

ANGI operates asone reporting segment which is managed on a consolidated basis and consists of fixed deferred and fixed index annuity products, as well as PRT contracts, funding agreements, and life contracts. Products are primarily sold through independent agents, brokers, and financial institutions.

Prior to October 1, 2025, the Company was organized into three segments, annuities, life insurance, and property and casualty. As discussed in Note 26 - Discontinued Operations, the Company completed the transfer of the P&C Subsidiaries on October 1, 2025. Subsequently during Q2 2026, it was announced that the sale of new life insurance products by American National Insurance Company (“American National”) through its career agent distribution channel would be terminated. American National had previously ceased selling new life insurance policies through its multiple-line and independent agent distribution channels in 2025. The transfer of the P&C Subsidiaries and withdrawal from the life insurance business represent strategic shifts for ANGI. Accordingly, the property and casualty and life insurance businesses are no longer reported as the Company’s chief operating decision maker (“CODM”) now allocates resources to ANGI on a consolidated basis. The prior period disclosures below have been recast to present segment information on a comparative basis.

The ANGI segment is regularly reviewed by the Company’s CODM for the purpose of allocating resources to the segment and assessing its performance. The Company’s CODM has been identified as the Brookfield Wealth Solutions Ltd. Chief Executive Officer and the Brookfield Wealth Solutions Ltd. Chief Financial Officer.

The key measure used by the CODM in assessing performance and in making resource allocation decisions is income from continuing operations, net of tax (“net income”) on the Condensed Consolidated Statements of Operations. Net income provides the CODM with insights on capital allocation and investment strategies, as well as product mix and pricing of insurance products offered by the Company.

The tables below provide consolidated results in the format that the CODM uses to make decisions and assess performance.

(1)Other segment items reflects the difference between segment revenues and significant segment expenses and includes the change in fair value of insurance-related derivatives and embedded derivatives as well as operating expenses which are presented on the Condensed Consolidated Statements of Operations.

The CODM uses total consolidated assets as the measure of segment assets as reported on the Condensed Consolidated Statements of Financial Position.

A subsidiary held $1.4 billion of assets pledged under a coinsurance reinsurance agreement with Just, who is domiciled in the United Kingdom, as of June 30, 2026 and December 31, 2025. There were no other material assets held in jurisdictions outside of the United States as of June 30, 2026 and December 31, 2025.

There was no material revenue generated in jurisdictions outside of the United States for the three and six months ended June 30, 2026 and 2025.

25. Financial Commitments and Contingencies

Commitments

As of June 30, 2026, the Company and its subsidiaries, in aggregate, had outstanding unfunded commitments to purchase, expand or improve real estate and to fund mortgage loans, private loans as well as investment funds of $7.1 billion.

The Company’s subsidiaries lease office space, technological equipment and automobiles. The remaining long-term lease commitments as of June 30, 2026 were approximately $122 million and are included in the Company’s Condensed Consolidated Statements of Financial Position within “Other liabilities”.

Federal Home Loan Bank (“FHLB”) Agreements

Certain of the Company’s subsidiaries have access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of June 30, 2026, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $780 million and commercial mortgage loans of approximately $1.0 billion were on deposit with the FHLB as collateral for borrowing. As of June 30, 2026, the collateral provided borrowing capacity of approximately $1.4 billion. The deposited securities and commercial mortgage loans are included in the Condensed Consolidated Statements of Financial Position within “Available-for-sale fixed maturity securities” and “Mortgage loans on real estate”, respectively.

Funding Agreements

Starting in 2025, we have a funding agreement-backed note (“FABN”) program under which a statutory trust that is not consolidated or affiliated with us issues senior secured medium-term notes. The FABN notes are underwritten and marketed by major investment banks’ broker-dealer operations and are sold to institutional investors for the purposes of generating a spread-based return. This trust uses the net proceeds from each sale to purchase one or more funding agreements from a subsidiary of the Company. As of June 30, 2026, we had $2.7 billion outstanding under the FABN program. The maximum aggregate principal amount permitted to be outstanding at any one time is $4.0 billion. In addition, we had $815 million outstanding under other funding agreements at June 30, 2026.

Litigation

Certain of the Company’s subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain lawsuits include claims for compensatory and punitive damages. The Company provides accruals for these items to the extent it deems the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on the statements of financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future.

Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on the Company’s financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to the Company is remote. Accruals for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, an accrual is recorded based on the lowest amount of the range.

26. Discontinued Operations

As discussed in Note 1 - Organization and Description of the Company, the Company completed the transfer of the P&C Subsidiaries on October 1, 2025. The results of the P&C Subsidiaries have been presented as discontinued operations as the transfer represented a strategic shift for ANGI. The transfer of the P&C Subsidiaries resulted in the removal of the P&C segment which is further discussed in Note 24 - Segment Reporting.

The following table summarizes the major components of net income from discontinued operations, net of tax related to the distribution, for the three and six months ended June 30, 2025.

27. Subsequent Events

The Company evaluated all events and transactions through August 13, 2026, the date the accompanying condensed consolidated financial statements were issued.