# EDGAR Filing Document

**Accession Number:** 0001039828
**File Stem:** 0001104659-25-079521
**Filing Date:** 2025-8
**Character Count:** 49558
**Document Hash:** f04314d6488f5f67854b57a5b2886a2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-079521.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001104659-25-079521

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250818

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American National Group Inc.
- **CENTRAL INDEX KEY:** 0001039828
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 421447959
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31911
- **FILM NUMBER:** 251226351

**BUSINESS ADDRESS:**
- **STREET 1:** 6000 WESTOWN PARKWAY
- **CITY:** WEST DEMOINES
- **STATE:** IA
- **ZIP:** 50266
- **BUSINESS PHONE:** 5152210002

**MAIL ADDRESS:**
- **STREET 1:** 6000 WESTOWN PARKWAY
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EQUITY INVESTMENT LIFE HOLDING CO
- **DATE OF NAME CHANGE:** 19990414

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934** 

Date of Report (Date of earliest event reported): August 18, 2025

**AMERICAN NATIONAL GROUP INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-31911** | **42-1447959** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

---

| |
|:---|
| **One Moody Plaza** |
| **Galveston, Texas 77550** |
| (Address of principal executive offices and zip code) |

---

 **(888) 221-1234**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading <br> Symbol(s) | Name of each <br> exchange on <br> 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ◻

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

 

On August 18, 2025, American National Group Inc. (the "Company") made available on its website the Company's financial supplement for the second quarter ended June 30, 2025, furnished as Exhibit 99.1 hereto and incorporated by reference in this Item 2.02.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Exhibit<br> <u>No.</u>** | **<u>Description</u>** |
| &nbsp;&nbsp;&nbsp;[99.1](tm2523654d2_ex99-1.htm) | [Quarterly Financial Supplement for American National Group Inc. for the quarter ended June 30, 2025.](tm2523654d2_ex99-1.htm) |
| &nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERICAN NATIONAL GROUP INC.

---

| | | |
|:---|:---|:---|
| Date: August 18, 2025 | By: | /s/ Reza Syed |
|  |  | Reza Syed |
|  |  | Chief Financial Officer & Executive Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2523654d2_ex99-1logo.jpg)

**American National Group Inc.<br> June 30, 2025<br> Financial Supplement**

---

| | |
|:---|:---|
| **Table of Contents** | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | |
|:---|:---|
| [Financial Summary](#a_001) | [1](#a_001) |
| [GAAP Balance Sheet](#a_002) | [2](#a_002) |
| [Income Statement](#a_003) | [3](#a_003) |
| [Distributable Operating Income Reconciliation](#a_004) | [4](#a_004) |
| [Adjusted Equity Reconciliation](#a_005) | [5](#a_005) |
| [Invested Assets](#a_006) | [6](#a_006) |
| [Credit Quality of Investments](#a_007) | [7](#a_007) |
| [Mortgage Loans](#a_008) | [10](#a_008) |
| [Financial Strength Ratings](#a_009) | [12](#a_009) |
| [Capitalization](#a_010) | [13](#a_010) |
| [Annuity Investment Spread](#a_011) | [14](#a_011) |
| [Annuity Cost of Funds Reconciliation](#a_012) | [15](#a_012) |
| [Annuity Sales](#a_013) | [16](#a_013) |
| [Surrender Charge Exposure](#a_014) | [17](#a_014) |
| [Legal Notice](#a_015) | [18](#a_015) |
| [Non-GAAP Financial Disclosures](#a_016) | [19](#a_016) |

---

---

| | |
|:---|:---|
| **Financial Summary**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Percentage Change** | **Percentage Change** | **Year-to-Date** | **Year-to-Date** | **Percentage<br> Change** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **QoQ** | **YoY** | **2025** | **2024** | **YTD** |
| **Income** |  |  |  |  |  |  |  |  |  |  |
| GAAP net income (loss) | $141 | $(236) | $638 | $(299) | $244 | 160% | (42)% | $(95) | $357 | (127)% |
| Distributable operating earnings (a) | 311 | 392 | 424 | 360 | 253 | (21)% | 23% | 703 | 452 | 56% |
| **Balance Sheet** |  |  |  |  |  |  |  |  |  |  |
| Total assets | $126345 | $123434 | $121221 | $123659 | $118618 | 2% | 7% | $126345 | $118618 | 7% |
| Total liabilities | 116128 | 113389 | 111193 | 113677 | 109361 | 2% | 6% | 116128 | 109361 | 6% |
| Total equity | 10217 | 10045 | 10028 | 9982 | 9257 | 2% | 10% | 10217 | 9257 | 10% |
| Total common stockholders' equity (a) | 9494 | 9374 | 9265 | 9132 | 8385 | 1% | 13% | 9494 | 8385 | 13% |
| Total adjusted common stockholders' equity (a) | 9965 | 9684 | 9360 | 8624 | 8120 | 3% | 23% | 9965 | 8120 | 23% |

---

---

| | |
|:---|:---|
|  | **Twelve Months<br> Ended June 30,<br> 2025** |
| Annuity investment spread | 1.9% |

---

*Note: "NM" represents changes that are not meaningful.*

(a) See definitions of Non-GAAP
 measures in the Non-GAAP Financial Disclosures section on page 21.

---

| | |
|:---|:---|
| **GAAP Balance Sheet**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Percentage <br> Change** |
|  | **June 30, 2025** | **December 31, 2024** | **YTD** |
| **Assets** |  |  |  |
| Investments: |  |  |  |
| Available-for-sale fixed maturity securities, at fair value | $48931 | $47292 | 3% |
| Equity securities, at fair value | 1238 | 1142 | 8% |
| Mortgage loans on real estate, at amortized cost | 11254 | 12117 | (7)% |
| Other invested assets | 23425 | 20204 | 16% |
| Total investments | 84848 | 80755 | 5% |
| Cash and cash equivalents | 12104 | 11330 | 7% |
| Accrued investment income | 735 | 761 | (3)% |
| Deferred policy acquisition costs, deferred sales inducements and value of business acquired | 11051 | 10631 | 4% |
| Reinsurance recoverables and deposit assets | 9835 | 10055 | (2)% |
| Intangible assets | 1557 | 1545 | 1% |
| Other assets | 4893 | 4801 | 2% |
| Separate account assets | 1322 | 1343 | (2)% |
| Total assets | $126345 | $121221 | 4% |
| **Liabilities** |  |  |  |
| Future policy benefits | $10029 | $9170 | 9% |
| Policyholders' account balances | 86934 | 83079 | 5% |
| Policy and contract claims | 1910 | 1867 | 2% |
| Market risk benefits | 4227 | 3655 | 16% |
| Unearned premium reserve | 869 | 1044 | (17)% |
| Long term borrowings | 2953 | 2957 | —% |
| Funds withheld for reinsurance liabilities | 3171 | 3321 | (5)% |
| Other liabilities | 4713 | 4757 | (1)% |
| Separate account liabilities | 1322 | 1343 | (2)% |
| Total liabilities | 116128 | 111193 | 4% |
| **Equity** |  |  |  |
| Preferred stock | 588 | 685 | (14)% |
| Additional paid-in capital | 7547 | 7569 | —% |
| Accumulated other comprehensive income (loss), net of taxes | 664 | 340 | 95% |
| Retained earnings | 1283 | 1356 | (5)% |
| Non-controlling interests | 135 | 78 | 73% |
| Total equity | 10217 | 10028 | 2% |
| Total liabilities and equity | $126345 | $121221 | 4% |

---

---

| | |
|:---|:---|
| **GAAP Income Statement**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Percentage Change** | **Percentage Change** | **Year-to-Date** | **Year-to-Date** | **Percentage<br> Change** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **QoQ** | **YoY** | **2025** | **2024** | **YTD** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | $752 | $889 | $2482 | $888 | $1005 | (15)% | (25)% | $1641 | $2149 | (24)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policy revenue | 172 | 149 | 153 | 208 | 184 | 15% | (7)% | 321 | 296 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1160 | 1275 | 1232 | 1024 | 924 | (9)% | 26% | 2435 | 1372 | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses) | 73 | (4) | (186) | (128) | 2 | NM | NM | 69 | (32) | 316% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 29 | 30 | 33 | 12 |  | (3)% | 100% | 59 |  | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 2186 | 2339 | 3714 | 2004 | 2115 | (7)% | 3% | 4525 | 3785 | 20% |
| **Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits and claims incurred | 828 | 888 | 2399 | 846 | 1030 | (7)% | (20)% | 1716 | 2116 | (19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest sensitive contract benefits | 485 | 512 | 677 | 523 | 390 | (5)% | 24% | 997 | 545 | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC, DSI and VOBA | 332 | 318 | 290 | 289 | 199 | 4% | 67% | 650 | 360 | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in FV of insurance-related derivatives and embedded derivatives | 131 | 199 | (440) | 344 | 21 | (34)% | 524% | 330 | 2 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of market risk benefits | (47) | 361 | (295) | 134 | 139 | (113)% | (134)% | 314 | 158 | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits | 1729 | 2278 | 2631 | 2136 | 1779 | (24)% | (3)% | 4007 | 3181 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 216 | 275 | 214 | 228 | 335 | (21)% | (36)% | 491 | 438 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 49 | 44 | 51 | 49 | 43 | 11% | 14% | 93 | 65 | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1994 | 2597 | 2896 | 2413 | 2157 | (23)% | (8)% | 4591 | 3684 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 38 | (55) | 167 | (77) | (289) | 169% | 113% | (17) | (260) | 93% |
| Net income (loss) | 154 | (203) | 651 | (332) | 247 | 176% | (38)% | (49) | 361 | (114)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling assets | 2 | 3 | 2 | (44) | (8) | (33)% | 125% | 5 | (7) | 171% |
| Net income (loss) attributable to American National Group Inc. stockholders | 152 | (206) | 649 | (288) | 255 | 174% | (40)% | (54) | 368 | (115)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends and redemption (a) | 11 | 30 | 11 | 11 | 11 | (63)% | —% | 41 | 11 | 273% |
| Net income (loss) attributable to American National Group Inc. common stockholder | $141 | $(236) | $638 | $(299) | $244 | 160% | (42)% | $(95) | $357 | (127)% |

---

(a) Preferred stock dividends
 and redemption for Q1 2025 includes a non-recurring $19 million impact related to the redemption
 of the Series A preferred stock.

---

| | |
|:---|:---|
| **Distributable Operating Earnings Reconciliation**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Percentage Change** | **Percentage Change** | **Year-to-Date** | **Year-to-Date** | **Percentage <br> Change** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **QoQ** | **YoY** | **2025** | **2024** | **YTD** |
| **Net income (loss)** | $141 | $(236) | $638 | $(299) | $244 | 160% | (42)% | $(95) | $357 | (127)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses), including reinsurance funds withheld | 121 | 104 | 965 | (128) | (361) | 16% | 134% | 225 | (365) | 162% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market on insurance contracts and other net assets | 36 | 582 | (1300) | 835 | 577 | (94)% | (94)% | 618 | 632 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (recovery) | (30) | (142) | 68 | (105) | (355) | 79% | 92% | (172) | (327) | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 38 | 52 | 28 | 25 | 17 | (27)% | 124% | 90 | 23 | 291% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 5 | 32 | 25 | 32 | 131 | (84)% | (96)% | 37 | 132 | (72)% |
| Distributable operating earnings (a) | $311 | $392 | $424 | $360 | $253 | (21)% | 23% | $703 | $452 | 56% |
| **Pre-Tax Distributable Operating Earnings by Segment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuity | $372 | $407 | $346 | $404 | $291 | (9)% | 28% | $779 | $396 | 97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property & casualty (P&C) | (4) | 64 | 81 | 27 | (10) | (106)% | 60% | 60 | 39 | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | 40 | 32 | 41 | 52 | 56 | 25% | (29)% | 72 | 113 | (36)% |
| Pre-tax segment distributable operating earnings (a) | 408 | 503 | 468 | 483 | 337 | (19)% | 21% | 911 | 548 | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other DOE | (29) | (24) | (40) | (51) | (27) | (21)% | (7)% | (53) | (13) | (308)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | (68) | (87) | (4) | (72) | (57) | 22% | (19)% | (155) | (83) | (87)% |
| Distributable operating earnings | $311 | $392 | $424 | $360 | $253 | (21)% | 23% | $703 | $452 | 56% |

---

(a) See definitions of Non-GAAP
 measures in the Non-GAAP Financial Disclosures section on page 21.

---

| | |
|:---|:---|
| **Adjusted Equity Reconciliation**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Percentage Change** | **Percentage Change** | **Year-to-Date** | **Year-to-Date** | **Percentage <br> Change** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **QoQ** | **YoY** | **2025** | **2024** | **YTD** |
| **Total equity** | $10217 | $10045 | $10028 | $9982 | $9257 | 2% | 10% | $10217 | $9257 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | (135) | (83) | (78) | (165) | (187) | (63)% | 28% | (135) | (187) | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity available to preferred stockholders | (588) | (588) | (685) | (685) | (685) | —% | 14% | (588) | (685) | 14% |
| Total common stockholders' equity (a) | 9494 | 9374 | 9265 | 9132 | 8385 | 1% | 13% | 9494 | 8385 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (AOCI) | (664) | (670) | (340) | (1481) | (445) | 1% | (49)% | (664) | (445) | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated impact of mark-to-market losses (gains) on derivatives and insurance contracts | 1135 | 980 | 435 | 973 | 180 | 16% | 531% | 1135 | 180 | 531% |
| Total adjusted common stockholders' equity (a) | $9965 | $9684 | $9360 | $8624 | $8120 | 3% | 23% | $9965 | $8120 | 23% |

---

(a) See definitions of Non-GAAP
 measures in the Non-GAAP Financial Disclosures section on page 21.

---

| | |
|:---|:---|
| **Invested Assets**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP <br> Carrying <br> Value** | **Book <br> Value** | **Unrealized Gain/(Loss)** | **GAAP <br> Carrying <br> Value** | **Book <br> Value** | **Unrealized Gain/(Loss)** |
| **Invested Assets** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. treasury and government | $93 | $93 | $— | $86 | $87 | $(1) |
| &nbsp;&nbsp;&nbsp;U.S. states and political subdivisions | 3091 | 3063 | 28 | 3182 | 3174 | 8 |
| &nbsp;&nbsp;&nbsp;Foreign governments | 1316 | 1313 | 3 | 1539 | 1566 | (27) |
| &nbsp;&nbsp;&nbsp;Corporate debt securities | 32948 | 32488 | 460 | 30918 | 30869 | 49 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 713 | 683 | 30 | 854 | 836 | 18 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 3155 | 3092 | 63 | 2687 | 2646 | 41 |
| &nbsp;&nbsp;&nbsp;Collateralized debt securities | 4728 | 4702 | 26 | 5067 | 5023 | 44 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity, available-for-sale | 46044 | 45434 | 610 | 44333 | 44201 | 132 |
| Equity securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common and preferred stock | 1220 | 1123 | 97 | 1120 | 1176 | (56) |
| &nbsp;&nbsp;&nbsp;Private equity and other |  |  |  | 4 | 4 |  |
| &nbsp;&nbsp;&nbsp;Total equity securities | 1220 | 1123 | 97 | 1124 | 1180 | (56) |
| Other investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate, net of allowance | 11191 | 11191 |  | 12055 | 12055 |  |
| &nbsp;&nbsp;&nbsp;Private loans, net of allowance | 8053 | 8053 |  | 5653 | 5653 |  |
| &nbsp;&nbsp;&nbsp;Real estate and real estate partnerships | 5944 | 5944 |  | 4992 | 4992 |  |
| &nbsp;&nbsp;&nbsp;Investments funds | 3038 | 3038 |  | 3015 | 3015 |  |
| &nbsp;&nbsp;&nbsp;Policy loans | 257 | 257 |  | 274 | 274 |  |
| &nbsp;&nbsp;&nbsp;Short-term investments | 4067 | 4067 |  | 4176 | 4176 |  |
| &nbsp;&nbsp;&nbsp;Other invested assets | 1999 | 1999 |  | 2014 | 2014 |  |
| Total investments, net of coinsurance funds withheld investments | 81813 | 81106 | 707 | 77636 | 77560 | 76 |
| Coinsurance funds withheld investments (a) | 3035 | 2974 | 61 | 3119 | 3086 | 33 |
| Total investments | $84848 | $84080 | $768 | $80755 | $80646 | $109 |

---

(a) Investments held by American
 National Group Inc. in a segregated account to support liabilities reinsured under coinsurance
 with funds withheld reinsurance agreements.

---

| | |
|:---|:---|
| **Credit Quality of Investments**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP <br> Carrying <br> Value** | **% of GAAP<br> Carrying Value** | **GAAP <br> Carrying <br> Value** | **% of GAAP<br> Carrying Value** |
| **Assets with NAIC Designation** | | | | |
| Fixed maturities, available-for-sale, at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 | $26064 | 31% | $25699 | 32% |
| &nbsp;&nbsp;&nbsp;2 | 18337 | 23% | 16521 | 21% |
| &nbsp;&nbsp;&nbsp;3 | 1107 | 1% | 1473 | 2% |
| &nbsp;&nbsp;&nbsp;4 | 332 | —% | 329 | —% |
| &nbsp;&nbsp;&nbsp;5 | 76 | —% | 117 | —% |
| &nbsp;&nbsp;&nbsp;6 | 6 | —% | 2 | —% |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, available-for-sale | 45922 | 55% | 44141 | 55% |
| **Assets without NAIC Designation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, at fair value | 122 | —% | 192 | —% |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | 1220 | 1% | 1124 | 1% |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 11191 | 13% | 12055 | 15% |
| &nbsp;&nbsp;&nbsp;Private Loans | 8053 | 9% | 5653 | 7% |
| &nbsp;&nbsp;&nbsp;Real estate and real estate partnerships | 5944 | 7% | 4992 | 6% |
| &nbsp;&nbsp;&nbsp;Investment funds | 3038 | 4% | 3015 | 4% |
| &nbsp;&nbsp;&nbsp;Policy loans | 257 | —% | 274 | —% |
| &nbsp;&nbsp;&nbsp;Short-term investments | 4067 | 5% | 4176 | 5% |
| &nbsp;&nbsp;&nbsp;Other invested assets | 1999 | 2% | 2014 | 3% |
|  | 35891 | 41% | 33495 | 41% |
| Total investments, net of coinsurance funds withheld investments | 81813 | 96% | 77636 | 96% |
| Coinsurance funds withheld investments (a) | 3035 | 4% | 3119 | 4% |
| Total investments | $84848 | 100% | $80755 | 100% |

---

(a) Investments held by American
 National Group Inc. in a segregated account to support liabilities reinsured under coinsurance
 with funds withheld reinsurance agreements.

---

| | |
|:---|:---|
| **Credit Quality of Investments - Detail**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP**<br>**Carrying<br> Value** |<br>**% of GAAP<br> Carrying Value** | **GAAP**<br>**Carrying<br> Value** |<br>**% of GAAP<br> Carrying Value** |
| **Available-for-sale:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. treasury and government (a) | $93 | —% | $86 | —% |
| &nbsp;&nbsp;&nbsp;U.S. states and political subdivisions (a) | 3091 | 6% | 3182 | 7% |
| &nbsp;&nbsp;&nbsp;Foreign governments (a) | 1316 | 3% | 1539 | 3% |
| &nbsp;&nbsp;&nbsp;Corporate debt securities | 32948 | 68% | 30918 | 65% |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 713 | 1% | 854 | 2% |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 3155 | 6% | 2687 | 6% |
| &nbsp;&nbsp;&nbsp;Collateralized debt securities | 4728 | 10% | 5067 | 11% |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments | 46044 | 94% | 44333 | 94% |
| &nbsp;&nbsp;&nbsp;Coinsurance funds withheld investments (b) | 2887 | 6% | 2959 | 6% |
| &nbsp;&nbsp;&nbsp;Total fixed maturities, available-for-sale | $48931 | 100% | $47292 | 100% |
| Corporate debt securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC designation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $15729 | 48% | $14708 | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 16206 | 49% | 14707 | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 723 | 2% | 1051 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 222 | 1% | 260 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 1 | —% | 62 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. corporate debt securities (c) | $32881 | 100% | $30788 | 100% |
| Residential mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC designation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $698 | 98% | $806 | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 1 | —% | 7 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 3 | 1% | 27 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 9 | 1% | 11 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 1 | —% | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 1 | —% | 1 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Residential mortgage-backed securities | $713 | 100% | $854 | 100% |
| Commercial mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC designation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $2654 | 85% | $2339 | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 288 | 9% | 184 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 106 | 4% | 37 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 29 | 1% | 34 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 30 | 1% | 30 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 11 | —% | 1 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Commercial mortgage-backed securities (d) | $3118 | 100% | $2625 | 100% |

---

---

| | |
|:---|:---|
| **Credit Quality of Investments - Detail**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP <br> Carrying<br> Value** | **% of GAAP<br> Carrying Value** | **GAAP <br> Carrying <br> Value** | **% of GAAP<br> Carrying Value** |
| Collateralized debt securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NAIC designation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 | $2911 | 62% | $3417 | 68% |
| &nbsp;&nbsp;&nbsp;2 | 1476 | 32% | 1306 | 26% |
| &nbsp;&nbsp;&nbsp;3 | 242 | 5% | 324 | 6% |
| &nbsp;&nbsp;&nbsp;4 | 68 | 1% | 19 | —% |
| &nbsp;&nbsp;&nbsp;5 | 14 | —% | 1 | —% |
| &nbsp;&nbsp;&nbsp;6 |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;Total Collateralized debt securities (e) | $4711 | 100% | $5067 | 100% |

---

(a) Over 95% of available-for-sale fixed maturity
 U.S. treasury and government, U.S. states and political subdivisions, and foreign governments
 securities are rated NAIC 1 or 2.

(b) Investments held by American National Group
 Inc. in a segregated account to support liabilities reinsured under coinsurance with funds
 withheld reinsurance agreements.

(c) Excludes securities that are not rated with
 a carrying value of $40 million at June 30, 2025 and $102 million at December 31,
 2024. Also excludes $27 million of investments in variable interest entities not directly
 held by American National Group Inc. at June 30, 2025 and $28 million at December 31,
 2024.

(d) Excludes securities that are not rated with
 a carrying value of $15 million at June 30, 2025 and $39 million at December 31,
 2024. Also excludes $22 million of investments in variable interest entities not directly
 held by American National Group Inc. at June 30, 2025 and $23 million at December 31,
 2024.

(e) Excludes securities that are not rated with
 a carrying value of $17 million June 30, 2025.

---

| | |
|:---|:---|
| **Mortgage Loans**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP**<br> **Carrying**<br> **Value** | **% of GAAP**<br> **Carrying Value** | **GAAP**<br> **Carrying**<br> **Value** | **% of GAAP**<br> **Carrying Value** |
| **Commercial Mortgage Loans** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural | $446 | 5% | $447 | 5% |
| &nbsp;&nbsp;&nbsp;Apartment | 2211 | 25% | 2276 | 24% |
| &nbsp;&nbsp;&nbsp;Hotel | 1024 | 12% | 1246 | 13% |
| &nbsp;&nbsp;&nbsp;Industrial | 1670 | 19% | 1846 | 19% |
| &nbsp;&nbsp;&nbsp;Office | 1329 | 15% | 1425 | 15% |
| &nbsp;&nbsp;&nbsp;Parking | 251 | 3% | 326 | 3% |
| &nbsp;&nbsp;&nbsp;Retail | 1473 | 16% | 1572 | 16% |
| &nbsp;&nbsp;&nbsp;Storage | 152 | 2% | 176 | 2% |
| &nbsp;&nbsp;&nbsp;Other | 207 | 2% | 200 | 2% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans, net of coinsurance funds withheld investments | 8764 | 99% | 9514 | 99% |
| &nbsp;&nbsp;&nbsp;Coinsurance funds withheld investments (a) | 63 | 1% | 62 | 1% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans (b) | $8827 | 100% | $9576 | 100% |
| **Non-performing commercial mortgage loans** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total non-performing commercial mortgage loans | $100 | 1% | $117 | 1% |

---

(a) Investments held by American National Group
 Inc. in a segregated account to support liabilities reinsured under coinsurance with funds
 withheld reinsurance agreements.

(b) Total commercial mortgage loans excludes
 the allowance for credit losses of $125 million and $146 million at June 30, 2025 and
 December 31, 2024, respectively.

---

| | |
|:---|:---|
| **Mortgage Loans - Exposure**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP**<br> **Carrying**<br> **Value** | **% of GAAP**<br> **Carrying Value** | **GAAP**<br> **Carrying**<br> **Value** | **% of GAAP**<br> **Carrying Value** |
| **Commercial Mortgage Loans - Exposure by LTV** | | | | |
| &nbsp;&nbsp;&nbsp;0-50% | $2858 | 33% | $3297 | 35% |
| &nbsp;&nbsp;&nbsp;50-60% | 2897 | 34% | 3055 | 33% |
| &nbsp;&nbsp;&nbsp;60-70% | 1964 | 23% | 2654 | 28% |
| &nbsp;&nbsp;&nbsp;70%+ | 735 | 9% | 314 | 3% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans, net of coinsurance funds withheld investments | 8454 | 99% | 9320 | 99% |
| &nbsp;&nbsp;&nbsp;Coinsurance funds withheld investments (a) | 63 | 1% | 62 | 1% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans (b) (c) | $8517 | 100% | $9382 | 100% |
| Average LTV | 49% |  | 49% |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **GAAP**<br> **Carrying**<br> **Value** | **% of GAAP**<br> **Carrying Value** | **GAAP**<br> **Carrying**<br> **Value** | **% of GAAP**<br> **Carrying Value** |
| **Commercial Mortgage Loans - Exposure by CM Rating** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CM1 | $3515 | 41% | $3777 | 40% |
| &nbsp;&nbsp;&nbsp;CM2 | 2850 | 33% | 3176 | 34% |
| &nbsp;&nbsp;&nbsp;CM3 | 1773 | 21% | 2047 | 22% |
| &nbsp;&nbsp;&nbsp;CM4 | 146 | 2% | 186 | 2% |
| &nbsp;&nbsp;&nbsp;CM5 |  | —% | 84 | 1% |
| &nbsp;&nbsp;&nbsp;CM6 | 55 | 1% | 49 | —% |
| &nbsp;&nbsp;&nbsp;CM7 | 115 | 1% | 1 | —% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans, net of coinsurance funds withheld investments | 8454 | 99% | 9320 | 99% |
| &nbsp;&nbsp;&nbsp;Coinsurance funds withheld investments (a) | 63 | 1% | 62 | 1% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans (b) (c) | $8517 | 100% | $9382 | 100% |
| Median CM Rating | CM2 |  | CM2 |  |

---

(a) Investments held by American National Group
 Inc. in a segregated account to support liabilities reinsured under coinsurance with funds
 withheld reinsurance agreements.

(b) Excludes $310 million and $194 million investments
 in variable interest entities not directly held by American National Group Inc.'s regulated
 insurance entities at June 30, 2025 and December 31, 2024, respectively.

(c) Total commercial mortgage loans excludes the
 allowance for credit losses of $125 million and $146 million at June 30, 2025 and December 31,
 2024, respectively.

---

| | |
|:---|:---|
| **Financial Strength and Credit Ratings**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

**Financial Strength Ratings**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**AM Best** | **Standard**<br>**& Poor's** | <br>**Fitch** | <br>**Line of Business** | **June 30, <br> 2025 <br> Statutory <br> Liability**<br>**Balance** |
| American Equity Life Insurance Company | A | A | A | Life & retirement | $59024 |
| American National Insurance Company | A | A | A | Life & retirement | 31667 |
| Eagle Life Insurance Company | A | A | A | Life & retirement | 4066 |
| American National Life Insurance Company of New York | A | A | A | Life & retirement | 1962 |
| American Equity Life Insurance Company of New York | A |  | A | Life & retirement | 77 |
| American National Life Insurance Company of Texas | A |  |  | Life & retirement | 12 |
| Garden State Life Insurance Company | A u |  |  | Life & retirement | 4 |
| Freestone Re Ltd. (a) |  | A |  | Life & retirement |  |
| Farm Family Casualty Insurance Company | A |  |  | Property & casualty | 1218 |
| American National Property and Casualty Company | A |  |  | Property & casualty | 995 |
| United Farm Family Insurance Company | A |  |  | Property & casualty | 155 |
| American National General Insurance Company | A |  |  | Property & casualty | 56 |
| American National Lloyds Insurance Company | A |  |  | Property & casualty | 39 |
| American National County Mutual Insurance Company | A |  |  | Property & casualty | 9 |
| **Credit ratings** |  |  |  |  |  |
| American National Group Inc. |  | BBB | BBB+ |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Freestone
 Re Ltd. has modified coinsurance agreements with subsidiaries of American National Group
 Inc. There were $49,893 million of statutory liabilities associated with these agreements
 at June 30, 2025.

---

| | |
|:---|:---|
| **Capitalization**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount** | **% Total <br> Capitalization** | **Facility Ratings<br> (S&P / Fitch)** | **Rates** | **Issue Date** | **Maturity** |
| Term Loan | $598 | 5% |  | SOFR + 1.25% | May 2024 | May 2027 |
| Senior Unsecured Bonds - 144A | 497 | 4% | BBB / BBB | 6.144% | June 2022 | June 2032 |
| Senior Unsecured Bonds - SEC Registered | 487 | 4% | BBB / BBB | 5.00% | June 2017 | June 2027 |
| Senior Unsecured Bonds - SEC Registered | 595 | 5% | BBB / BBB | 5.75% | October 2024 | October 2029 |
| Senior Unsecured Bonds - SEC Registered | 692 | 5% | BBB / BBB | 6.00% | June 2025 | July 2035 |
| Subordinated Debentures | 84 | 1% |  | 5.00% | October 1999 | June 2047 |
| Total Long Term Borrowings | 2953 | 24% |  |  |  |  |
| Perpetual Preferred Shares - Series B (a) | 296 | 2% | BB+ / BB+ | 6.63% | June 2020 | Perp rate reset |
| Perpetual Preferred Shares - Series D | 292 | 2% | BB+ / BB+ | 7.38% | January 2025 | Perpetual |
| Total Common Stockholders' Equity | 9629 | 78% |  |  |  |  |
| Total Equity | 10217 | 82% |  |  |  |  |
| Accumulated Other Comprehensive Income (AOCI) | 664 | 5% |  |  |  |  |
| Non-Controlling Interests (NCI) | 135 | 1% |  |  |  |  |
| Total Equity, Excluding AOCI and NCI (b) | 9418 | 76% |  |  |  |  |
| Total Capitalization, Excluding AOCI and NCI (b) | $12371 | 100% |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate
 will be reset to 6.30% plus 5 year Treasury Index effective September 1, 2025.

(b) See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page

---

| | |
|:---|:---|
| **Annuity Investment Spread** <br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Percentage Change** | **Percentage Change** | **Year-to-Date** | **Year-to-Date** | **Percentage<br> Change** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **QoQ** | **YoY** | **2025** | **2024** | **YTD** |
| Non-GAAP net investment income (a) | $1238 | $1238 | $1083 | $1021 | $740 | —% | 67% | $2476 | $1022 | 142% |
| Cost of funds | 868 | 924 | 748 | 616 | 449 | (6)% | 93% | 1792 | 627 | 186% |
| Total net investment spread | $370 | $314 | $335 | $405 | $291 | 18% | 27% | $684 | $395 | 73% |
| Average invested assets | $83173 | $80139 | $74356 | $69878 | $70233 | 4% | 18% | $163312 | $97224 | 68% |

---

---

| | |
|:---|:---|
|  | **Twelve months <br> ended June 30,<br> 2025** |
| Yield on net invested assets | 6.0% |
| Aggregate cost of funds | 4.1% |
| Total net investment spread | 1.9% |

---

(a) See
 definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.
 The net impact of the adjustments disclosed on page 21 were $78 million in Q2 2025,
 $37 million in Q1 2025, $149 million in Q4 2024, $3 million in Q3 2024, and $184 million
 in Q2 2024.

---

| | |
|:---|:---|
| **Reconciliation of Benefits and Expenses to Cost of Funds**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Year-to-Date** | **Year-to-Date** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **2025** | **2024** |
| US GAAP benefits and expenses | $1994 | $2597 | $2896 | $2413 | $2157 | $4591 | $3684 |
| &nbsp;&nbsp;&nbsp;Premiums | (752) | (889) | (2482) | (888) | (1005) | (1641) | (2149) |
| &nbsp;&nbsp;&nbsp;Product charges | (172) | (149) | (153) | (208) | (184) | (321) | (296) |
| &nbsp;&nbsp;&nbsp;Change in fair value of insurance-related derivatives and embedded derivatives | (131) | (199) | 440 | (344) | (21) | (330) | (2) |
| &nbsp;&nbsp;&nbsp;Change in fair value of MRB - capital market impacts | 127 | (268) | 429 | (123) | (115) | (141) | (134) |
| &nbsp;&nbsp;&nbsp;Policy and other operating expenses | (7) | (101) | (337) | (169) | (95) | (108) | (111) |
| &nbsp;&nbsp;&nbsp;Premiums, benefits and expenses on non-annuity segments | (191) | (67) | (45) | (65) | (288) | (258) | (365) |
| Total adjustments to arrive at cost of funds | (1126) | (1673) | (2148) | (1797) | (1708) | (2799) | (3057) |
| Total annuity cost of funds (a) | $868 | $924 | $748 | $616 | $449 | $1792 | $627 |

---

(a) See
 definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 21.

---

| | |
|:---|:---|
| **Annuity Sales**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Historical Data** | **Percentage Change** | **Percentage Change** | **Year-to-Date** | **Year-to-Date** | **Percentage<br> Change** |
|  | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **QoQ** | **YoY** | **2025** | **2024** | **YTD** |
| **Gross Annuity Sales** |  |  |  |  |  |  |  |  |  |  |
| Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Index | $2513 | $1835 | $1797 | $2027 | $1483 | 37% | 69% | $4348 | $1650 | 164% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Rate | 1029 | 1043 | 916 | 1799 | 1522 | (1)% | (32)% | 2072 | 2217 | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable (a) | 80 | 46 | 16 | 17 | 14 | 74% | 471% | 126 | 30 | 320% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Retail Annuities | 3622 | 2924 | 2729 | 3843 | 3019 | 24% | 20% | 6546 | 3897 | 68% |
| Institutional |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension Risk Transfer | 262 | 382 | 1918 | 289 | 273 | (31)% | (4)% | 644 | 944 | (32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding Agreements | 400 | 500 |  |  |  | (20)% | 100% | 900 |  | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Annuities | 662 | 882 | 1918 | 289 | 273 | (25)% | 142% | 1544 | 944 | 64% |
| Total Gross Annuity Sales (b) | 4284 | 3806 | 4647 | 4132 | 3292 | 13% | 30% | 8090 | 4841 | 67% |
| Ceded | (9) | (7) | (3) | (10) | (25) | (29)% | 64% | (16) | (25) | 36% |
| Total Net Annuity Sales | $4275 | $3799 | $4644 | $4122 | $3267 | 13% | 31% | $8074 | $4816 | 68% |

---

(a) Variable sales
 represent additional premiums on previously issued policies.

(b) American Equity gross annuity sales for the year ended
 December 31, 2024 were $8,425 million. American Equity gross annuity sales from the
 acquisition on May 2, 2024 to December 31, 2024 were $5,217 million which is included
 in the table above.

---

| | |
|:---|:---|
| **Surrender Charge Exposure**<br> (Dollars in millions) | ![](tm2523654d2_ex99-1logo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q1 2025** | **Q1 2025** |
|  | **Account Value (a)** | **Average<br> Surrender<br> Charge** | **Account Value (a)** | **Average<br> Surrender<br> Charge** |
| **Years of surrender charge remaining (b)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No surrender charge remaining | $10081 | —% | $8430 | —% |
| &nbsp;&nbsp;&nbsp;Greater than 0 to less than 3 | 13021 | 4% | 13665 | 4% |
| &nbsp;&nbsp;&nbsp;3 to less than 6 | 15485 | 7% | 15822 | 7% |
| &nbsp;&nbsp;&nbsp;6 to less than 9 | 27157 | 12% | 24225 | 12% |
| &nbsp;&nbsp;&nbsp;9 or greater | 12159 | 13% | 12123 | 13% |
|  | $77903 | 8% | $74265 | 8% |

---

(a) Account
 value excludes claims in-course of settlement, the life line of business, and single premium
 immediate annuities.

(b) The
 weighted average years remaining in the protected surrender charge period is approximately
 6 years.

---

| | |
|:---|:---|
| **Legal Notice** | ![](tm2523654d2_ex99-1logo.jpg) |

---

This document has been prepared solely for the information of investors. This document does not purport to provide complete and current information about American National Group Inc. ("ANGI") or a complete description of ANGI and the risks of investing in ANGI (including risks described in offering documents previously provided to investors). Under no circumstances is this document or the information contained herein to be construed as a prospectus, offering memorandum or advertisement, and no part of this document or any information or statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By reading or reviewing this document, you agree to be bound by the following limitations.

You should not rely on this document as the basis on which to make any investment decision. Neither this document nor any part of it may be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the recipient's professional advisers) or published in whole or in part for any purpose without the prior written consent of ANGI.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

The summary descriptions and other information included in this document are intended only for informational purposes and convenient reference. The information contained in this document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

Past performance is not indicative of future results.

The statements contained in this document are made as of the date of the release of this report, unless another time is specified in relation to them, and access to this document at any given time shall not give rise to any implication that there has not been a change in the facts set forth in this document since that date. Certain information set forth in this document has been developed internally or obtained from sources believed by ANGI to be reliable; however, ANGI does not give any representation or warranty (express or implied) as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.

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| **Non-GAAP Financial Disclosures** | ![](tm2523654d2_ex99-1logo.jpg) |

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In addition to our results presented in accordance with US GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures together with the relevant US GAAP measures provides information that may enhance a user's understanding of our results of operations and the underlying profitability drivers of our business. These measures should be considered supplementary to our results in accordance with US GAAP and should not be view as a substitute for the corresponding US GAAP measures.

**Distributable Operating Earnings**

Distributable operating earnings ("DOE") is a non-GAAP measure used by management to assess operating results and the performance of the business. DOE is defined as net income after applicable taxes, excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits and change in market risk benefits. DOE is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. DOE is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by GAAP. DOE is, therefore, unlikely to be comparable to similar measures presented by other issuers. We believe our presentation of DOE is useful to investors because it supplements investors' understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of DOE also provides investors enhanced comparability of our ongoing performance across years.

**Total Equity, Excluding AOCI and NCI, Total Capitalization, Excluding AOCI and NCI, and Total Adjusted Common Stockholders' Equity**

Total equity, excluding AOCI and NCI and total capitalization, excluding AOCI and NCI are non-GAAP measures based on stockholders' equity excluding the effect of AOCI and NCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. NCI is excluded in order to provide a view of equity and capitalization attributable to American National Group Inc.

Total adjusted common stockholder's equity is a non-GAAP financial measure based on common stockholders' equity excluding the impact of AOCI and the accumulated after tax impact of certain adjustments related to mark-to market gains and losses on derivatives and insurance contracts. These adjustments primarily include certain insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and changes in market risk benefits. We believe our presentation of this non-GAAP metric is useful to investors because it supplements investors' understanding of our operating performance by providing information regarding our ongoing performance that excludes items we believe do not directly affect our core operations. Our presentation of this non-GAAP metric provides investors enhanced comparability of our ongoing performance across years.

**Non-GAAP Net Investment Income**

Non-GAAP net investment income is comprised of GAAP net investment income adjusted to exclude net investment income on non-annuity segments, exclude depreciation on investment real estate, include mark to market gain/loss on alternative investments, include realized gain/loss on certain investments, and include the tax benefit of tax exempt investment income.

**Annuity Cost of Funds**

Annuity cost of funds is a non-GAAP measure which includes liability costs related to cost of crediting on fixed deferred and fixed indexed annuities as well as other liability costs. Cost of crediting on fixed deferred annuities is the interest credited to the policyholders on our fixed strategies. Cost of crediting on fixed indexed annuities is the cost of option purchased to fund the index credit and the impact of over or under hedging for the index credits. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit fair value changes, and operating expenses net of premiums and product charge revenue. While we believe cost of funds is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under US GAAP.