# EDGAR Filing Document

**Accession Number:** 0000867289
**File Stem:** 0001193125-26-186667
**Filing Date:** 2026-4
**Character Count:** 397918
**Document Hash:** 8005e1b3a977dd9303022f145abb809c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-186667.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-186667

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN NATIONAL VARIABLE LIFE SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000867289

**ORGANIZATION NAME:**
- **EIN:** 740484030
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06160
- **FILM NUMBER:** 26906972

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MOODY PLAZA
- **STREET 2:** CORPORATE COMPLIANCE 14TH FL
- **CITY:** GALVESTON
- **STATE:** TX
- **ZIP:** 77550
- **BUSINESS PHONE:** 4096217729

**MAIL ADDRESS:**
- **STREET 1:** ONE MOODY PLAZA
- **STREET 2:** CORPORATE COMPLIANCE 14TH FL
- **CITY:** GALVESTON
- **STATE:** TX
- **ZIP:** 77550

## Series and Classes Contracts Data

### AMERICAN NATIONAL VARIABLE LIFE SEPARATE ACCOUNT (Series ID: S000009805)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000027088 | Investrac Gold Variable Universal Life         |  |
| C000027089 | Investrac Advantage Variable Universal Life    |  |
| C000027090 | Survivorship Advantage Variable Universal Life |  |
| C000027091 | Wealthquest III Variable Universal Life        |  |

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL VARIABLE LIFE SEPARATE ACCOUNT FINANCIAL STATEMENTS** 

December 31, 2025

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  Financial Statements: |  |
|  [Report of Independent Registered Public Accounting Firm](#fin215138_2) |  |
|  [Statement of Net Assets & Statement of Operations](#fin215138_3) | 1 |
|  [Statement of Changes in Net Assets](#fin215138_4) | 11 |
|  [Statement of Changes in Net Assets - Prior Year](#fin215138_5) | 21 |
|  [Notes to the Financial Statements:](#fin215138_6) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 1 - Organization](#fin215138_7) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 2 - Summary of Significant Accounting Policies](#fin215138_8) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 3 - Share Purchases and Sales](#fin215138_9) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 4 - Policy Charges and Deductions](#fin215138_10) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 5 - Financial Highlights](#fin215138_11) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 6 - Unit Changes](#fin215138_12) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Note 7 - Subsequent Events](#fin215138_13) | 42 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  ![LOGO](g215138dsp003.jpg)  | 9311 San Pedro Avenue, Suite 1400<br> San Antonio, Texas 78216<br> 210-737-1042 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

American National Insurance Company and

Contract Owners of American National Variable Life Separate Account

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets for each of the subaccounts of American National Variable Life Separate Account (the Account) listed in Appendix A, as of December 31, 2025, the related statements of operations, statements of changes in net assets and financial highlights for each of the periods presented in Appendix A, and the related notes (collectively, the financial statements). In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts comprising the Account as of December 31, 2025, and the results of their operations, the changes in their net assets and financial highlights for each of the periods presented in Appendix A, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights of each subaccount for the years ended December 31, 2023 and prior were audited by other auditors whose report, dated April 23, 2024, expressed an unqualified opinion on those financial highlights.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the Account's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ WEAVER & TIDWELL LLP

San Antonio, Texas

April 24, 2026

We have served as the auditor of American National Variable Life Separate Account since 2024.

Weaver and Tidwell, L.L.P.

**CPAs AND ADVISORS \| WEAVER.COM** 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subaccount** | **Statement of Net<br>Assets as of** | **Statement of Operations for<br>the Year Ended** | **Statement of Changes in Net<br>Assets for each of the Two<br>Years in the Period Ended** | **Financial Highlights for each<br>of the Two Years in the<br>Period Ended** |
|  Alger Balanced Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Capital Appreciation Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Growth & Income Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Large Cap Growth Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Mid Cap Growth Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Alger Small Cap Growth Portfolio - Class I-2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Fund for U.S. Government Securities II | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes High Income Bond Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Kaufmann Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Managed Volatility Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Federated Hermes Quality Bond Fund II - Primary Shares | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Asset Manager 70% Portfolio - Initial Class\* | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Asset Manager 50% Portfolio - Initial Class\*\* | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Balanced Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Contrafund Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Contrafund Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Equity-Income Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Equity-Income Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Government Money Market Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Government Money Market Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth and Income - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth and Income - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth Opportunities Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP High Income - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Index 500 Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Index 500 Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Investment Grade Bond Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Mid Cap Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Mid Cap Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Overseas Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Value Portfolio - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Fidelity VIP Value Strategies - Service Class 2 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Discovery Mid Cap Growth Fund | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Diversified Dividend Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Equity and Income Fund | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Health Care Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Global Real Estate Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Small Cap Equity Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  Invesco V.I. Technology Fund - Series I | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Core Equity Portfolio - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Growth Series - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Investors Trust Series - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  MFS Research Series - Initial Class | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price Equity Income Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price International Stock Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price Limited-Term Bond Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| T. Rowe Price Mid-Cap Growth Portfolio | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |

---

\* Formerly named Fidelity VIP Asset Manager Growth Portfolio - Initial Class - changed on April 30, 2025

\*\* Formerly named Fidelity VIP Asset Manager Portfolio - Initial Class - changed on April 30, 2025

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio<br>- Class I-2** | $nan<br>**Alger Capital<br>Appreciation Portfolio -<br>Class I-2** | $nan<br>**Alger Growth & Income<br>Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth<br>Portfolio - Class I-2** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $2729 | $12227 | $2904 | $4844 | $5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2729** | $**12227** | $**2904** | $**4844** | $**5094** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $2729 | $12227 | $2904 | $4844 | $5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**2729** | $**12227** | $**2904** | $**4844** | $**5094** |
| &nbsp;&nbsp; **Units Outstanding** | 602419 | 771271 | 425018 | 543374 | 821437 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 120950 | 94890 | 82690 | 46954 | 213872 |
| &nbsp;&nbsp; Cost of investment | $2179 | $8453 | $2160 | $3640 | $4620 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $3.31 | $8.86 | $4.56 | $5.08 | $4.00 |
| &nbsp;&nbsp; Highest | $4.60 | $16.70 | $6.98 | $9.55 | $6.50 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio<br>- Class I-2** | $nan<br>**Alger Capital<br>Appreciation Portfolio -<br>Class I-2** | $nan<br>**Alger Growth & Income<br>Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth<br>Portfolio - Class I-2** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $72 | $— | $41 | $— | $— |
| &nbsp;&nbsp; Mortality and expense charge | (1) | (4) | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**71** | $**(4)**  | $**40** | $**(1)**  | $**(1)**  |
| &nbsp;&nbsp; <br> **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $350 | $2377 | $372 | $683 | $5 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | (35) | 743 | 84 | 503 | 745 |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 315 | 3120 | 456 | 1186 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**386** | $**3116** | $**496** | $**1185** | $**749** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund<br>for U.S. Government<br>Securities II** | $nan<br>**Federated Hermes<br>Kaufmann Fund II -<br>Primary Shares** | $nan<br>**Federated Hermes<br>Managed Volatility Fund<br>II - Primary Shares** | $nan<br>**Federated Hermes<br>Quality Bond Fund II -<br>Primary Shares** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $2079 | $281 | $1244 | $506 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2079** | $**281** | $**1244** | $**506** | $**226** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $2079 | $281 | $1244 | $506 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**2079** | $**281** | $**1244** | $**506** | $**226** |
| &nbsp;&nbsp; **Units Outstanding** | 349717 | 188512 | 211451 | 149192 | 115784 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | $111518 | $30132 | $63819 | $48632 | $21398 |
| &nbsp;&nbsp; Cost of investment | $2847 | $304 | $1127 | $468 | $213 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $3.89 | $1.30 | $4.10 | $2.72 | $1.72 |
| &nbsp;&nbsp; Highest | $6.17 | $1.49 | $6.15 | $3.41 | $1.97 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund<br>for U.S. Government<br>Securities II** | $nan<br>**Federated Hermes<br>Kaufmann Fund II -<br>Primary Shares** | $nan<br>**Federated Hermes<br>Managed Volatility Fund<br>II - Primary Shares** | $nan<br>**Federated Hermes<br>Quality Bond Fund II -<br>Primary Shares** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $1 | $12 | $— | $4 | $7 |
| &nbsp;&nbsp; Mortality and expense charge |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**1** | $**12** | $**—** | $**4** | $**7** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $(352) | $(6) | $119 | $3 | $(1) |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | 461 | 13 | 15 | 27 | 8 |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 109 | 7 | 134 | 30 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**110** | $**19** | $**134** | $**34** | $**14** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes High<br>Income Bond Fund II -<br>Primary Shares** | $nan<br>**Fidelity VIP Asset<br>Manager 70% Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Asset<br>Manager 50% Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Balanced<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Initial Class** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $1080 | $1005 | $750 | $2120 | $25496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1080** | $**1005** | $**750** | $**2120** | $**25496** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $1080 | $1005 | $750 | $2120 | $25496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**1080** | $**1005** | $**750** | $**2120** | $**25496** |
| &nbsp;&nbsp; **Units Outstanding** | 264120 | 232830 | 164145 | 413130 | 1585120 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 186790 | 38838 | 42563 | 79975 | 425717 |
| &nbsp;&nbsp; Cost of investment | $1022 | $756 | $662 | $1578 | $19005 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $3.51 | $2.99 | $2.73 | $3.91 | $9.24 |
| &nbsp;&nbsp; Highest | $4.09 | $58.03 | $5.48 | $82.33 | $269.60 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes High<br>Income Bond Fund II -<br>Primary Shares** | $nan<br>**Fidelity VIP Asset<br>Manager 70% Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Asset<br>Manager 50% Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Balanced<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Initial Class** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $61 | $18 | $17 | $35 | $34 |
| &nbsp;&nbsp; Mortality and expense charge |  | (11) | (7) | (23) | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**61** | $**7** | $**10** | $**12** | $**(235)**  |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $(8) | $55 | $34 | $140 | $5465 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | 30 | 84 | 47 | 108 | (782) |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 22 | 139 | 81 | 248 | 4683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**83** | $**146** | $**91** | $**260** | $**4448** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio - Initial<br>Class** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio -<br>Service Class 2** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $33349 | $6277 | $1946 | $7606 | $4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**33349** | $**6277** | $**1946** | $**7606** | $**4541** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $33349 | $6277 | $1946 | $7606 | $4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**33349** | $**6277** | $**1946** | $**7606** | $**4541** |
| &nbsp;&nbsp; **Units Outstanding** | 2845598 | 745204 | 403849 | 5595354 | 3959787 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 586519 | 213286 | 69165 | 7606475 | 4541488 |
| &nbsp;&nbsp; Cost of investment | $27502 | $4993 | $1704 | $7607 | $4544 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $7.75 | $4.59 | $3.54 | $1.23 | $1.04 |
| &nbsp;&nbsp; Highest | $11.87 | $138.37 | $4.87 | $1.71 | $1.15 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio - Initial<br>Class** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio -<br>Service Class 2** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $(1) | $107 | $31 | $289 | $165 |
| &nbsp;&nbsp; Mortality and expense charge | (9) | (61) | (1) | (82) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(10)**  | $**46** | $**30** | $**207** | $**165** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $6199 | $433 | $145 | $— | $— |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | (184) | 483 | 136 |  |  |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 6015 | 916 | 281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**6005** | $**962** | $**311** | $**207** | $**165** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth -<br>Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Service Class 2** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Service Class 2** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $31571 | $2001 | $1349 | $7190 | $6753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**31571** | $**2001** | $**1349** | $**7190** | $**6753** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $31571 | $2001 | $1349 | $7190 | $6753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**31571** | $**2001** | $**1349** | $**7190** | $**6753** |
| &nbsp;&nbsp; **Units Outstanding** | 2367707 | 316924 | 200969 | 694203 | 509255 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 323076 | 60015 | 42170 | 72122 | 70056 |
| &nbsp;&nbsp; Cost of investment | $28107 | $1606 | $1158 | $3761 | $4227 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $7.32 | $4.26 | $4.66 | $5.58 | $8.13 |
| &nbsp;&nbsp; Highest | $367.94 | $100.80 | $6.83 | $212.47 | $13.73 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth -<br>Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Service Class 2** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Service Class 2** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $86 | $27 | $17 | $1 | $(2) |
| &nbsp;&nbsp; Mortality and expense charge | (333) | (23) | (2) | (82) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(247)**  | $**4** | $**15** | $**(81)**  | $**(4)**  |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $5306 | $286 | $202 | $753 | $596 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | (1182) | 51 | 24 | 603 | 659 |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 4124 | 337 | 226 | 1356 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**3877** | $**341** | $**241** | $**1275** | $**1251** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP High Income<br>- Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Service Class 2** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $604 | $35021 | $24703 | $633 | $621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**604** | $**35021** | $**24703** | $**633** | $**621** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $604 | $35021 | $24703 | $633 | $621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**604** | $**35021** | $**24703** | $**633** | $**621** |
| &nbsp;&nbsp; **Units Outstanding** | 222725 | 3394180 | 3120397 | 242325 | 346667 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 123735 | 53051 | 37993 | 55741 | 56622 |
| &nbsp;&nbsp; Cost of investment | $628 | $13024 | $14089 | $694 | $628 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $2.08 | $5.73 | $5.39 | $2.04 | $1.57 |
| &nbsp;&nbsp; Highest | $27.73 | $1117.58 | $8.02 | $30.00 | $1.81 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP High Income<br>- Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Service**<br>**Class 2** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Service Class 2** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $38 | $380 | $214 | $22 | $21 |
| &nbsp;&nbsp; Mortality and expense charge | (7) | (370) | (3) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**31** | $**10** | $**211** | $**15** | $**21** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $(3) | $3546 | $835 | $(10) | $(12) |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | 26 | 1412 | 2678 | 34 | 29 |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 23 | 4958 | 3513 | 24 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**54** | $**4968** | $**3724** | $**39** | $**38** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Overseas<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value<br>Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Value<br>Strategies - Service<br>Class 2** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $15756 | $35008 | $1832 | $621 | $961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**15756** | $**35008** | $**1832** | $**621** | $**961** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $15756 | $35008 | $1832 | $621 | $961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**15756** | $**35008** | $**1832** | $**621** | $**961** |
| &nbsp;&nbsp; **Units Outstanding** | 1149570 | 3751998 | 453408 | 120974 | 176147 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 420050 | 995386 | 66571 | 33148 | 59405 |
| &nbsp;&nbsp; Cost of investment | $15097 | $34804 | $1668 | $589 | $932 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $9.58 | $6.40 | $2.67 | $3.69 | $3.80 |
| &nbsp;&nbsp; Highest | $173.77 | $9.63 | $66.40 | $5.22 | $5.59 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Overseas<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value<br>Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Value<br>Strategies - Service<br>Class 2** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $64 | $83 | $29 | $7 | $7 |
| &nbsp;&nbsp; Mortality and expense charge | (176) | (11) | (19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**(112)**  | $**72** | $**10** | $**7** | $**7** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $1956 | $4076 | $366 | $45 | $36 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | (318) | (526) | (70) | 11 | 27 |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 1638 | 3550 | 296 | 56 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**1526** | $**3622** | $**306** | $**63** | $**70** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Discovery<br>Mid Cap Growth Fund -<br>Series I** | $nan<br>**Invesco V.I. Diversified<br>Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and<br>Income Fund - Series I** | $nan<br>**Invesco V.I. Global Real<br>Estate Fund - Series I** | $nan<br>**Invesco V.I. Health Care<br>Fund - Series I** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $132 | $536 | $2305 | $2366 | $1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**132** | $**536** | $**2305** | $**2366** | $**1112** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $132 | $536 | $2305 | $2366 | $1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**132** | $**536** | $**2305** | $**2366** | $**1112** |
| &nbsp;&nbsp; **Units Outstanding** | 3485 | 5433 | 560191 | 550716 | 232593 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 1756 | 19682 | 126151 | 167075 | 37192 |
| &nbsp;&nbsp; Cost of investment | $121 | $514 | $2258 | $2438 | $1067 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $26.66 | $73.29 | $3.16 | $3.43 | $3.74 |
| &nbsp;&nbsp; Highest | $40.14 | $99.66 | $4.15 | $4.41 | $5.05 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Discovery<br>Mid Cap Growth Fund -<br>Series I** | $nan<br>**Invesco V.I. Diversified<br>Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and<br>Income Fund - Series I** | $nan<br>**Invesco V.I. Global Real<br>Estate Fund - Series I** | $nan<br>**Invesco V.I. Health Care<br>Fund - Series I** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $1 | $9 | $45 | $47 | $— |
| &nbsp;&nbsp; Mortality and expense charge |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**1** | $**9** | $**45** | $**47** | $**(1)**  |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $11 | $60 | $94 | $(53) | $54 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | (6) | 17 | 126 | 180 | 98 |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 5 | 77 | 220 | 127 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**6** | $**86** | $**265** | $**174** | $**151** |

---

\* Formerly named Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund.

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Small Cap<br>Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology<br>Fund - Series I** | $nan<br>**MFS Core Equity<br>Portfolio - Initial Class** | $nan<br>**MFS Growth Series -<br>Initial Class** | $nan<br>**MFS Investors Trust<br>Series - Initial Class** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $752 | $1824 | $393 | $1718 | $401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**752** | $**1824** | $**393** | $**1718** | $**401** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | 752 | 1824 | 393 | 1718 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**752** | $**1824** | $**393** | $**1718** | $**401** |
| &nbsp;&nbsp; **Units Outstanding** | 149174 | 281775 | 4662 | 167967 | 58517 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 37491 | 71004 | 12350 | 25322 | 15333 |
| &nbsp;&nbsp; Cost of investment | $683 | $1228 | $321 | 1632 | $475 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $3.62 | $3.81 | $59.95 | $7.04 | $4.98 |
| &nbsp;&nbsp; Highest | $5.29 | $6.94 | $85.35 | $10.74 | $6.93 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Small Cap<br>Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology<br>Fund - Series I** | $nan<br>**MFS Core Equity<br>Portfolio - Initial Class** | $nan<br>**MFS Growth Series -<br>Initial Class** | $nan<br>**MFS Investors Trust<br>Series - Initial Class** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $— | $(2) | $2 | $— | $7 |
| &nbsp;&nbsp; Mortality and expense charge |  | (1) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**—** | $**(3)**  | $**2** | $**(1)**  | $**7** |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $42 | $170 | $37 | $357 | $157 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | 15 | 143 | 3 | (156) | (112) |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 57 | 313 | 40 | 201 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**57** | $**310** | $**42** | $**200** | $**52** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Net Assets** 

**As of December 31, 2025** 

(Amounts in thousands except for unit and share information)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Research Series -<br>Initial Class** | $nan<br>**T. Rowe Price Equity<br>Income Portfolio** | $nan<br>**T. Rowe Price<br>International Stock<br>Portfolio** | $nan<br>**T. Rowe Price Limited-<br>Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap<br>Growth Portfolio** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at fair value | $212 | $16107 | $5120 | $1326 | $8904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**212** | $**16107** | $**5120** | $**1326** | $**8904** |
| &nbsp;&nbsp; **NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Accumulation units | $212 | $16107 | $5120 | $1326 | $8904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | $**212** | $**16107** | $**5120** | $**1326** | $**8904** |
| &nbsp;&nbsp; **Units Outstanding** | 28542 | 2900369 | 1583305 | 776114 | 735464 |
| &nbsp;&nbsp; **FUND SHARE INFORMATION** |  |  |  |  |  |
| &nbsp;&nbsp; Number of shares | 6948 | 557153 | 322021 | 279189 | 339831 |
| &nbsp;&nbsp; Cost of investment | $207 | $15457 | $4884 | $1331 | $9690 |
| &nbsp;&nbsp; **UNIT VALUE** |  |  |  |  |  |
| &nbsp;&nbsp; Lowest | $5.30 | $4.05 | $1.96 | $1.52 | $7.08 |
| &nbsp;&nbsp; Highest | $7.61 | $99.87 | $37.81 | $1.71 | $148.86 |

---

**American National Variable Life Separate Account** 

**Statements of Operations** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Research Series -<br>Initial Class** | $nan<br>**T. Rowe Price Equity<br>Income Portfolio** | $nan<br>**T. Rowe Price<br>International Stock<br>Portfolio** | $nan<br>**T. Rowe Price Limited-<br>Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap<br>Growth Portfolio** |
| &nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp; Dividends | $1 | $254 | $95 | $56 | $— |
| &nbsp;&nbsp; Mortality and expense charge |  | (33) | (13) |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income/(loss)** | $**1** | $**221** | $**82** | $**56** | $**(76)**  |
|  **NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains/(losses) | $47 | $1747 | $449 | $— | $1212 |
| &nbsp;&nbsp; Change in unrealized gains/(losses) | (25) | 84 | 276 | 16 | (907) |
| &nbsp;&nbsp; Net realized and change in unrealized gains/(losses) on investments | 22 | 1831 | 725 | 16 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $**23** | $**2052** | $**807** | $**72** | $**229** |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced<br>Portfolio - Class I-2** | $nan<br>**Alger Capital<br>Appreciation Portfolio -<br>Class I-2** | $nan<br>**Alger Growth & Income<br>Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth<br>Portfolio - Class I-2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $71 | $(4) | $40 | $(1) | $(1) |
|  Net realized gains/(losses) | 350 | 2377 | 372 | 683 | 5 |
|  Change in net unrealized appreciation (depreciation) on investments | (35) | 743 | 84 | 503 | 745 |
|  **Increase/(decrease) in net assets from operations** | $386 | $3116 | $496 | $1185 | $749 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $98 | $347 | $83 | $123 | $136 |
|  Policy terminations/withdrawals and charges | (236) | (1102) | (142) | (394) | (321) |
|  Contract maintenance fees | (17) | (41) | (15) | (21) | (31) |
|  **Increase/(decrease) in net assets from policy transactions** | $(155) | $(796) | $(74) | $(292) | $(216) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $231 | $2320 | $422 | $893 | $533 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 2498 | 9907 | 2482 | 3951 | 4561 |
|  **NET ASSETS AT END OF PERIOD** | $2729 | $12227 | $2904 | $4844 | $5094 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund<br>for U.S. Government<br>Securities II** | $nan<br>**Federated Hermes<br>Kaufmann Fund<br>II - Primary Shares** | $nan<br>**Federated Hermes<br>Managed Volatility Fund<br>II - Primary Shares** | $nan<br>**Federated Hermes<br>Quality Bond Fund II -<br>Primary Shares** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $1 | $12 | $— | $4 | $7 |
|  Net realized gains/(losses) | (352) | (6) | 119 | 3 | (1) |
|  Change in net unrealized appreciation (depreciation) on investments | 461 | 13 | 15 | 27 | 8 |
|  **Increase/(decrease) in net assets from operations** | $110 | $19 | $134 | $34 | $14 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $50 | $26 | $23 | $14 | $34 |
|  Policy terminations/withdrawals and charges | (227) | (32) | (59) | (80) | (25) |
|  Contract maintenance fees | (17) | (3) | (9) | (6) | (4) |
|  **Increase/(decrease) in net assets from policy transactions** | $(194) | $(9) | $(45) | $(72) | $5 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(84) | $10 | $89 | $(38) | $19 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 2163 | 271 | 1155 | 544 | 207 |
|  **NET ASSETS AT END OF PERIOD** | $2079 | $281 | $1244 | $506 | $226 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes High<br>Income Bond Fund II -<br>Primary Shares** | $nan<br>**Fidelity VIP Asset<br>Manager 70% Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Asset<br>Manager 50% Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Balanced<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $61 | $7 | $10 | $12 | $(235) |
|  Net realized gains/(losses) | (8) | 55 | 34 | 140 | 5465 |
|  Change in net unrealized appreciation (depreciation) on investments | 30 | 84 | 47 | 108 | (782) |
|  **Increase/(decrease) in net assets from operations** | $83 | $146 | $91 | $260 | $4448 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $136 | $19 | $17 | $27 | $984 |
|  Policy terminations/withdrawals and charges | (98) | (54) | (16) | (110) | (3465) |
|  Contract maintenance fees | (11) | (11) | (8) | (10) | (98) |
|  **Increase/(decrease) in net assets from policy transactions** | $27 | $(46) | $(7) | $(93) | $(2579) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $110 | $100 | $84 | $167 | $1869 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 970 | 905 | 666 | 1953 | 23627 |
|  **NET ASSETS AT END OF PERIOD** | $1080 | $1005 | $750 | $2120 | $25496 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio - Initial<br>Class** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio -<br>Service Class 2** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio<br>- Initial Class** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio<br>- Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(10) | $46 | $30 | $207 | $165 |
|  Net realized gains/(losses) | 6199 | 433 | 145 |  |  |
|  Change in net unrealized appreciation (depreciation) on investments | (184) | 483 | 136 |  |  |
|  **Increase/(decrease) in net assets from operations** | $6005 | $962 | $311 | $207 | $165 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $1094 | $90 | $203 | $1389 | $381 |
|  Policy terminations/withdrawals and charges | (2949) | (353) | (245) | (540) | (185) |
|  Contract maintenance fees | (138) | (42) | (16) | (101) | (56) |
|  **Increase/(decrease) in net assets from policy transactions** | $(1993) | $(305) | $(58) | $748 | $140 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $4012 | $657 | $253 | $955 | $305 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 29337 | 5620 | 1693 | 6651 | 4236 |
|  **NET ASSETS AT END OF PERIOD** | $33349 | $6277 | $1946 | $7606 | $4541 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth -<br>Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Service Class 2** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(247) | $4 | $15 | $(81) | $(4) |
|  Net realized gains/(losses) | 5306 | 286 | 202 | 753 | 596 |
|  Change in net unrealized appreciation (depreciation) on investments | (1182) | 51 | 24 | 603 | 659 |
|  **Increase/(decrease) in net assets from operations** | $3877 | $341 | $241 | $1275 | $1251 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $229 | $63 | $202 | $153 | $287 |
|  Policy terminations/withdrawals and charges | (3108) | (261) | (281) | (958) | (1066) |
|  Contract maintenance fees | (112) | (16) | (12) | (31) | (27) |
|  **Increase/(decrease) in net assets from policy transactions** | $(2991) | $(214) | $(91) | $(836) | $(806) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $886 | $127 | $150 | $439 | $445 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 30685 | 1874 | 1199 | 6751 | 6308 |
|  **NET ASSETS AT END OF PERIOD** | $31571 | $2001 | $1349 | $7190 | $6753 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP High<br>Income - Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Service Class 2** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $31 | $10 | $211 | $15 | $21 |
|  Net realized gains/(losses) | (3) | 3546 | 835 | (10) | (12) |
|  Change in net unrealized appreciation (depreciation) on investments | 26 | 1412 | 2678 | 34 | 29 |
|  **Increase/(decrease) in net assets from operations** | $54 | $4968 | $3724 | $39 | $38 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $24 | $323 | $506 | $25 | 93 |
|  Policy terminations/withdrawals and charges | (71) | (3617) | (1447) | (82) | (48) |
|  Contract maintenance charge |  | $— |  |  |  |
|  Transfers among the sub-accounts and with the Fixed Account - net |  |  |  |  |  |
|  Contract maintenance fees | (9) | (143) | (92) | (10) | (9) |
|  **Increase/(decrease) in net assets from policy transactions** | $(56) | $(3437) | $(1033) | $(67) | $36 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(2) | $1531 | $2691 | $(28) | $74 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 606 | 33490 | 22012 | 661 | 547 |
|  **NET ASSETS AT END OF PERIOD** | $604 | $35021 | $24703 | $633 | $621 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Service Class<br>2** | $nan<br>**Fidelity VIP Overseas<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value<br>Portfolio - Service Class<br>2** | $nan<br>**Fidelity VIP Value<br>Strategies - Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(112) | $72 | $10 | $7 | $7 |
|  Net realized gains/(losses) | 1956 | 4076 | 366 | 45 | 36 |
|  Change in net unrealized appreciation (depreciation) on investments | (318) | (526) | (70) | 11 | 27 |
|  **Increase/(decrease) in net assets from operations** | $1526 | $3622 | $306 | $63 | $70 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $180 | $1216 | $511 | $70 | $51 |
|  Policy terminations/withdrawals and charges | (2154) | (2796) | (546) | (97) | (159) |
|  Contract maintenance fees | (86) | (205) | (24) | (6) | (9) |
|  **Increase/(decrease) in net assets from policy transactions** | $(2060) | $(1785) | $(59) | $(33) | $(117) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $(534) | $1837 | $247 | $30 | $(47) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 16290 | 33171 | 1585 | 591 | 1008 |
|  **NET ASSETS AT END OF PERIOD** | $15756 | $35008 | $1832 | $621 | $961 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Discovery<br>Mid Cap Growth Fund -<br>Series I** | $nan<br>**Invesco V.I. Diversified<br>Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and<br>Income Fund - Series I** | $nan<br>**Invesco V.I. Global Real<br>Estate Fund - Series I** | $nan<br>**Invesco V.I. Health Care<br>Fund - Series I** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income/(loss) | $1 | $9 | $45 | $47 | $(1) |
| &nbsp;&nbsp; Net realized gains/(losses) | 11 | 60 | 94 | (53) | 54 |
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on investments | (6) | 17 | 126 | 180 | 98 |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $6 | $86 | $265 | $174 | $151 |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp; Payments received from policyholders | $18 | $37 | $104 | $118 | $32 |
| &nbsp;&nbsp; Policy terminations/withdrawals and charges | (2) | (124) | (199) | (154) | (95) |
| &nbsp;&nbsp; Contract maintenance fees | (2) | (5) | (22) | (34) | (11) |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from policy transactions** | $14 | $(92) | $(117) | $(70) | $(74) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** | $20 | $(6) | $148 | $104 | $77 |
| &nbsp;&nbsp; **NET ASSETS AT BEGINNING OF PERIOD** | 112 | 542 | 2157 | 2262 | 1035 |
| &nbsp;&nbsp; **NET ASSETS AT END OF PERIOD** | $132 | $536 | $2305 | $2366 | $1112 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Small Cap<br>Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology<br>Fund - Series I** | $nan<br>**MFS Core Equity<br>Portfolio - Initial Class** | $nan<br>**MFS Growth Series -<br>Initial Class** | $nan<br>**MFS Investors Trust<br>Series - Initial Class** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income/(loss) | $— | $(3) | $2 | $(1) | $7 |
| &nbsp;&nbsp; Net realized gains/(losses) | 42 | 170 | 37 | 357 | 157 |
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on investments | 15 | 143 | 3 | (156) | (112) |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $57 | $310 | $42 | $200 | $52 |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp; Payments received from policyholders | $65 | $38 | $25 | $62 | $46 |
| &nbsp;&nbsp; Policy terminations/withdrawals and charges | (64) | (111) | (3) | (263) | (64) |
| &nbsp;&nbsp; Contract maintenance fees | (8) | (12) | (3) | (11) | (3) |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from policy transactions** | $(7) | $(85) | $19 | $(212) | $(21) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** | $50 | $225 | $61 | $(12) | $31 |
| &nbsp;&nbsp; **NET ASSETS AT BEGINNING OF PERIOD** | 702 | 1599 | 332 | 1730 | 370 |
| &nbsp;&nbsp; **NET ASSETS AT END OF PERIOD** | $752 | $1824 | $393 | $1718 | $401 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2025** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Research Series -<br>Initial Class** | $nan<br>**T. Rowe Price Equity<br>Income Portfolio** | $nan<br>**T. Rowe Price<br>International Stock<br>Portfolio** | $nan<br>**T. Rowe Price Limited-<br>Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap<br>Growth Portfolio** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income/(loss) | $1 | $221 | $82 | $56 | $(76) |
| &nbsp;&nbsp; Net realized gains/(losses) | 47 | 1747 | 449 |  | 1212 |
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on investments | (25) | 84 | 276 | 16 | (907) |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $23 | $2052 | $807 | $72 | $229 |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp; Payments received from policyholders | $3 | $219 | $269 | $30 | $122 |
| &nbsp;&nbsp; Policy terminations/withdrawals and charges |  | (1179) | (448) | (8) | (1404) |
| &nbsp;&nbsp; Contract maintenance fees | (2) | (106) | (68) | (11) | (54) |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from policy transactions** | $1 | $(1066) | $(247) | $11 | $(1336) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** | $24 | $986 | $560 | $83 | $(1107) |
| &nbsp;&nbsp; **NET ASSETS AT BEGINNING OF PERIOD** | 188 | 15121 | 4560 | 1243 | 10011 |
| &nbsp;&nbsp; **NET ASSETS AT END OF PERIOD** | $212 | $16107 | $5120 | $1326 | $8904 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Balanced Portfolio<br>- Class I-2** | $nan<br>**Alger Capital<br>Appreciation Portfolio -<br>Class I-2** | $nan<br>**Alger Growth & Income<br>Portfolio - Class I-2** | $nan<br>**Alger Large Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Alger Mid Cap Growth<br>Portfolio - Class I-2** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income/(loss) | $(1) | $(6) | $13 | $(2) | $(1) |
| &nbsp;&nbsp; Net realized gains/(losses) | 83 | 174 | 89 | 104 | (120) |
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on investments | 286 | 3113 | 366 | 1137 | 942 |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from operations** | $368 | $3281 | $468 | $1239 | $821 |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp; Payments received from policyholders | $181 | $645 | $204 | $128 | $92 |
| &nbsp;&nbsp; Policy terminations/withdrawals and charges | (240) | (1021) | (253) | (392) | (360) |
| &nbsp;&nbsp; Contract maintenance fees | (18) | (46) | (17) | (24) | (34) |
| &nbsp;&nbsp; **Increase/(decrease) in net assets from policy transactions** | $(77) | $(422) | $(66) | $(288) | $(302) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS** | $291 | $2859 | $402 | $951 | $519 |
| &nbsp;&nbsp; **NET ASSETS AT BEGINNING OF PERIOD** | 2207 | 7048 | 2080 | 3000 | 4042 |
| &nbsp;&nbsp; **NET ASSETS AT END OF PERIOD** | $2498 | $9907 | $2482 | $3951 | $4561 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Alger Small Cap Growth<br>Portfolio - Class I-2** | $nan<br>**Federated Hermes Fund<br>for U.S. Government<br>Securities II** | $nan<br>**Federated Hermes High<br>Income Bond Fund II -<br>Primary Shares** | $nan<br>**Federated Hermes<br>Kaufmann Fund II -<br>Primary Shares** | $nan<br>**Federated Hermes<br>Managed Volatility Fund<br>II - Primary Shares** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $8 | $9 | $60 | $9 | $12 |
|  Net realized gains/(losses) | (135) | (1) | (41) | 30 | 1 |
|  Change in net unrealized appreciation (depreciation) on investments | 293 | (7) | 46 | 126 | 63 |
|  **Increase/(decrease) in net assets from operations** | $166 | $1 | $65 | $165 | $76 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $44 | $11 | $265 | $45 | $60 |
|  Policy terminations/withdrawals and charges | (142) | (4) | (422) | (23) | (74) |
|  Contract maintenance fees | (18) | (4) | (14) | (9) | (7) |
|  **Increase/(decrease) in net assets from policy transactions** | $(116) | $3 | $(171) | $13 | $(21) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $50 | $4 | $(106) | $178 | $55 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 2113 | 267 | 1076 | 977 | 489 |
|  **NET ASSETS AT END OF PERIOD** | $2163 | $271 | $970 | $1155 | $544 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Federated Hermes<br>Quality Bond Fund II -<br>Primary Shares** | $nan<br>**Fidelity VIP Asset<br>Manager Growth<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Asset<br>Manager Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Balanced<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $6 | $5 | $9 | $13 | $(208) |
|  Net realized gains/(losses) | (1) | 58 | 15 | 109 | 3574 |
|  Change in net unrealized appreciation (depreciation) on investments | 3 | 25 | 25 | 134 | 2575 |
|  **Increase/(decrease) in net assets from operations** | $8 | $88 | $49 | $256 | $5941 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $20 | $15 | $16 | $74 | $664 |
|  Policy terminations/withdrawals and charges | (8) | (136) | (61) | (147) | (1444) |
|  Contract maintenance fees | (4) | (12) | (9) | (13) | (104) |
|  **Increase/(decrease) in net assets from policy transactions** | $8 | $(133) | $(54) | $(86) | $(884) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $16 | $(45) | $(5) | $170 | $5057 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 191 | 950 | 671 | 1783 | 18570 |
|  **NET ASSETS AT END OF PERIOD** | $207 | $905 | $666 | $1953 | $23627 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Contrafund<br>Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Equity-<br>Income Portfolio -<br>Service Class 2** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio<br>- Initial Class** | $nan<br>**Fidelity VIP Government<br>Money Market Portfolio<br>- Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(7) | $40 | $26 | $258 | $205 |
|  Net realized gains/(losses) | 4098 | 396 | 122 |  |  |
|  Change in net unrealized appreciation (depreciation) on investments | 3416 | 296 | 74 |  |  |
|  **Increase/(decrease) in net assets from operations** | $7507 | $732 | $222 | $258 | $205 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $1267 | $70 | $108 | $269 | $347 |
|  Policy terminations/withdrawals and charges | (2088) | (357) | (113) | (2257) | (942) |
|  Contract maintenance fees | (155) | (48) | (17) | (110) | (60) |
|  **Increase/(decrease) in net assets from policy transactions** | $(976) | $(335) | $(22) | $(2098) | $(655) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $6531 | $397 | $200 | $(1840) | $(450) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 22806 | 5223 | 1493 | 8491 | 4686 |
|  **NET ASSETS AT END OF PERIOD** | $29337 | $5620 | $1693 | $6651 | $4236 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Growth -<br>Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Initial Class** | $nan<br>**Fidelity VIP Growth and<br>Income - Service Class 2** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Growth<br>Opportunities Portfolio -<br>Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(324) | $4 | $13 | $(74) | $(4) |
|  Net realized gains/(losses) | 7817 | 152 | 142 | 253 | 166 |
|  Change in net unrealized appreciation (depreciation) on investments | (273) | 173 | 66 | 1723 | 1638 |
|  **Increase/(decrease) in net assets from operations** | $7220 | $329 | $221 | $1902 | $1800 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $593 | $26 | $194 | $37 | $307 |
|  Policy terminations/withdrawals and charges | (2174) | (68) | (223) | (357) | (508) |
|  Contract maintenance fees | (120) | (19) | (14) | (33) | (30) |
|  **Increase/(decrease) in net assets from policy transactions** | $(1701) | $(61) | $(43) | $(353) | $(231) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $5519 | $268 | $178 | $1549 | $1569 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 25166 | 1606 | 1021 | 5202 | 4739 |
|  **NET ASSETS AT END OF PERIOD** | $30685 | $1874 | $1199 | $6751 | $6308 |

---

*See accompanying notes to the financial statements.* 

------

##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP High<br>Income - Initial Class** | $nan<br>**Fidelity VIP Index 500<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Index<br>500 Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Initial Class** | $nan<br>**Fidelity VIP Investment<br>Grade Bond Portfolio -<br>Service Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $29 | $50 | $213 | $16 | $18 |
|  Net realized gains/(losses) | (11) | 2334 | 609 | (3) | (9) |
|  Change in net unrealized appreciation (depreciation) on investments | 27 | 4249 | 3572 | (8) | 2 |
|  **Increase/(decrease) in net assets from operations** | $45 | $6633 | $4394 | $5 | $11 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $16 | $732 | $792 | $44 | 128 |
|  Policy terminations/withdrawals and charges | (44) | (2471) | (1278) | (13) | (33) |
|  Contract maintenance fees | (10) | (156) | (99) | (11) | (10) |
|  **Increase/(decrease) in net assets from policy transactions** | $(38) | $(1895) | $(585) | $20 | $85 |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $7 | $4738 | $3809 | $25 | $96 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 599 | 28752 | 18203 | 636 | 451 |
|  **NET ASSETS AT END OF PERIOD** | $606 | $33490 | $22012 | $661 | $547 |

---

*See accompanying notes to the financial statements.* 

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##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Mid Cap<br>Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Overseas<br>Portfolio - Initial Class** | $nan<br>**Fidelity VIP Value<br>Portfolio - Service<br>Class 2** | $nan<br>**Fidelity VIP Value<br>Strategies - Service<br>Class 2** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $(101) | $95 | $9 | $7 | $8 |
|  Net realized gains/(losses) | 2159 | 4651 | 134 | 59 | 175 |
|  Change in net unrealized appreciation (depreciation) on investments | 269 | 338 | (74) | (8) | (96) |
|  **Increase/(decrease) in net assets from operations** | $2327 | $5084 | $69 | $58 | $87 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $172 | $1000 | $36 | $35 | $63 |
|  Policy terminations/withdrawals and charges | (885) | (3101) | (104) | (13) | (90) |
|  Contract maintenance fees | (89) | (228) | (26) | (7) | (10) |
|  **Increase/(decrease) in net assets from policy transactions** | $(802) | $(2329) | $(94) | $15 | $(37) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $1525 | $2755 | $(25) | $73 | $50 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 14765 | 30416 | 1610 | 518 | 958 |
|  **NET ASSETS AT END OF PERIOD** | $16290 | $33171 | $1585 | $591 | $1008 |

---

*See accompanying notes to the financial statements.* 

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##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Discovery<br>Mid Cap Growth Fund\*** | $nan<br>**Invesco V.I. Diversified<br>Dividend Fund - Series I** | $nan<br>**Invesco V.I. Equity and<br>Income Fund** | $nan<br>**Invesco V.I. Health Care<br>Fund - Series I** | $nan<br>**Invesco V.I. Global Real<br>Estate Fund - Series I** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $— | $11 | $38 | $(1) | $59 |
|  Net realized gains/(losses) | (1) | 24 | 57 | 6 | (60) |
|  Change in net unrealized appreciation (depreciation) on investments | 22 | 35 | 145 | 42 | (43) |
|  **Increase/(decrease) in net assets from operations** | $21 | $70 | $240 | $47 | $(44) |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $3 | $40 | $111 | $38 | $105 |
|  Policy terminations/withdrawals and charges | (1) | (65) | (212) | (95) | (164) |
|  Contract maintenance fees | (2) | (5) | (24) | (11) | (37) |
|  **Increase/(decrease) in net assets from policy transactions** | $— | $(30) | $(125) | $(68) | $(96) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $21 | $40 | $115 | $(21) | $(140) |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 91 | 502 | 2042 | 1056 | 2402 |
|  **NET ASSETS AT END OF PERIOD** | $112 | $542 | $2157 | $1035 | $2262 |

---

\* Formerly named Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund.

*See accompanying notes to the financial statements.* 

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##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**Invesco V.I. Small Cap<br>Equity Fund - Series I** | $nan<br>**Invesco V.I. Technology<br>Fund - Series I** | $nan<br>**MFS Core Equity<br>Portfolio - Initial Class** | $nan<br>**MFS Growth Series -<br>Initial Class** | $nan<br>**MFS Investors Trust<br>Series - Initial Class** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $— | $(1) | $2 | $(1) | $3 |
|  Net realized gains/(losses) | 33 | (168) | 16 | 176 | 44 |
|  Change in net unrealized appreciation (depreciation) on investments | 74 | 611 | 39 | 267 | 21 |
|  **Increase/(decrease) in net assets from operations** | $107 | $442 | $57 | $442 | $68 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $27 | $139 | $2 | $91 | $9 |
|  Policy terminations/withdrawals and charges | (20) | (373) | (8) | (238) | (70) |
|  Contract maintenance fees | (10) | (14) | (3) | (12) | (3) |
|  **Increase/(decrease) in net assets from policy transactions** | $(3) | $(248) | $(9) | $(159) | $(64) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $104 | $194 | $48 | $283 | $4 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 598 | 1405 | 284 | 1447 | 366 |
|  **NET ASSETS AT END OF PERIOD** | $702 | $1599 | $332 | $1730 | $370 |

---

*See accompanying notes to the financial statements.* 

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##### [**Table of Contents**](#toc)
**American National Variable Life Separate Account** 

**Statements of Changes in Net Assets** 

**Year ended December 31, 2024** 

(Amounts in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $nan<br>**MFS Research Series -<br>Initial Class** | $nan<br>**T. Rowe Price Equity<br>Income Portfolio** | $nan<br>**T. Rowe Price<br>International Stock<br>Portfolio** | $nan<br>**T. Rowe Price Limited-<br>Term Bond Portfolio** | $nan<br>**T. Rowe Price Mid-Cap<br>Growth Portfolio** |
|  **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |
|  Net investment income/(loss) | $1 | $241 | $30 | $51 | $(84) |
|  Net realized gains/(losses) | 17 | 1022 | 136 | (4) | 958 |
|  Change in net unrealized appreciation (depreciation) on investments | 14 | 346 | (30) | 12 | (78) |
|  **Increase/(decrease) in net assets from operations** | $32 | $1609 | $136 | $59 | $796 |
| **INCREASE/(DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS** |  |  |  |  |  |
|  Payments received from policyholders | $3 | $741 | $269 | $96 | $138 |
|  Policy terminations/withdrawals and charges | (24) | (1229) | (291) | (76) | (463) |
|  Contract maintenance fees | (2) | (114) | (78) | (12) | (59) |
|  **Increase/(decrease) in net assets from policy transactions** | $(23) | $(602) | $(100) | $8 | $(384) |
|  **INCREASE/(DECREASE) IN NET ASSETS** | $9 | $1007 | $36 | $67 | $412 |
|  **NET ASSETS AT BEGINNING OF PERIOD** | 179 | 14114 | 4524 | 1176 | 9599 |
|  **NET ASSETS AT END OF PERIOD** | $188 | $15121 | $4560 | $1243 | $10011 |

---

*See accompanying notes to the financial statements.* 

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##### [**Table of Contents**](#toc)
**Note 1 - ORGANIZATION** 

American National Variable Life Separate Account ("the Separate Account") was established on July 30, 1987 under Texas law as a separate investment account of American National Insurance Company ("the Sponsor"). The Separate Account began operations on February 20, 1991. The Separate Account is registered with the SEC under the Investment Company Act of 1940, as amended, as a unit investment trust. Under the terms of registration, the Separate Account is authorized to issue an unlimited number of units.

The Separate Account cannot be charged with liabilities arising out of any other business of the Sponsor. The Separate Account's assets are segregated from the Sponsor's general assets and are used only to support the following variable life products issued by the Sponsor.

Investrac Gold Variable Universal Life

Investrac Advantage Variable Universal Life

Investrac Survivor Variable Universal Life

WealthQuest III Variable Universal Life

These financial statements report the results of the subaccounts for the various variable life products. As of December 31, 2025, there are 50 active subaccounts within the Separate Account, although not all subaccounts are offered in each product.

---

| | |
|:---|:---|
| Alger Balanced Portfolio - Class I-2 | Fidelity VIP High Income - Initial Class |
| Alger Capital Appreciation Portfolio - Class I-2 | Fidelity VIP Index 500 Portfolio - Initial Class |
| Alger Growth & Income Portfolio - Class I-2 | Fidelity VIP Index 500 Portfolio - Service Class 2 |
| Alger Large Cap Growth Portfolio - Class I-2 | Fidelity VIP Investment Grade Bond Portfolio - Initial Class |
| Alger Mid Cap Growth Portfolio - Class I-2 | Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 |
| Alger Small Cap Growth Portfolio - Class I-2 | Fidelity VIP Mid Cap Portfolio - Initial Class |
| Federated Hermes Fund for U.S. Government Securities II | Fidelity VIP Mid Cap Portfolio - Service Class 2 |
| Federated Hermes High Income Bond Fund II - Primary Shares | Fidelity VIP Overseas Portfolio - Initial Class |
| Federated Hermes Kaufmann Fund II - Primary Shares | Fidelity VIP Value Portfolio - Service Class 2 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | Fidelity VIP Value Strategies - Service Class 2 |
| Federated Hermes Quality Bond Fund II - Primary Shares | Invesco V.I. Discovery Mid Cap Growth Fund - Series I |
| Fidelity VIP Asset Manager 70% Portfolio - Initial Class | Invesco V.I. Diversified Dividend Fund - Series I |
| Fidelity VIP Asset Manager 50% Portfolio - Initial Class | Invesco V.I. Equity and Income Fund - Series I |
| Fidelity VIP Balanced Portfolio - Initial Class | Invesco V.I. Health Care Fund - Series I |
| Fidelity VIP Contrafund Portfolio - Initial Class | Invesco V.I. Global Real Estate Fund - Series I |
| Fidelity VIP Contrafund Portfolio - Service Class 2 | Invesco V.I. Small Cap Equity Fund - Series I |
| Fidelity VIP Equity-Income Portfolio - Initial Class | Invesco V.I. Technology Fund - Series I |
| Fidelity VIP Equity-Income Portfolio - Service Class 2 | MFS Core Equity Portfolio - Initial Class |
| Fidelity VIP Government Money Market Portfolio - Initial Class | MFS Growth Series - Initial Class |
| Fidelity VIP Government Money Market Portfolio - Service Class 2 | MFS Investors Trust Series - Initial Class |
| Fidelity VIP Growth - Initial Class | MFS Research Series - Initial Class |
| Fidelity VIP Growth and Income - Initial Class | T. Rowe Price Equity Income Portfolio |
| Fidelity VIP Growth and Income - Service Class 2 | T. Rowe Price International Stock Portfolio |
| Fidelity VIP Growth Opportunities Portfolio - Initial Class | T. Rowe Price Limited-Term Bond Portfolio |
| Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | T. Rowe Price Mid-Cap Growth Portfolio |

---

Each of the subaccounts is invested only in a corresponding portfolio of the following mutual fund companies: the Alger Portfolios, Federated Hermes Insurance Series, Fidelity Variable Insurance Products, Invesco Variable Insurance Funds, MFS Variable Insurance Trusts, T. Rowe Price Equity Series, Inc., T. Rowe Price International Series, Inc., and T. Rowe Price Fixed Income Series, Inc.

Effective April 30, 2021, the Invesco V.I. Managed Volatility Fund was merged into the Invesco V.I. Equity and Income Fund. Effective April 30, 2021, the Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund's name was changed to Invesco V.I. Discovery Mid Cap Growth Fund. Effective April 30, 2025, the Fidelity VIP Asset Manager Portfolio was renamed Fidelity VIP Asset Manager 50% Portfolio. Effective April 30, 2025, the Fidelity VIP Asset Manager Growth Portfolio was renamed Fidelity VIP Asset Manager 70% Portfolio.

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##### [**Table of Contents**](#toc)
Each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. Separate Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contract/policy holders. Investment performance of the subaccounts may vary based on the underlying fund's investment objectives specified in the fund prospectuses. The chief operating decision maker (CODM) oversees the performance of the underlying funds to evaluate the results of the business and make operational decisions. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

**Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** 

The financial statements of the Separate Account have been prepared on an accrual basis in accordance with U.S. generally accepted accounting principles ("GAAP"). The Separate Account is an investment company and follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946.

**Estimates** 

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of the financial statements. Actual results in the future could differ from management's estimates.

**Investments -** Investments in shares of the separate investment portfolios are stated at fair value. The determination of fair value is based on a three-tier hierarchy 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 American National'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.  |

---

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the basis of identified cost. The difference between cost and fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments. Capital gain distributions and dividends from mutual funds are recorded and reinvested upon receipt.

**Fair Value Measurements -** A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair values for the shares of the separate investment portfolios are determined through a quoted market price from each respective portfolio, which meets the level one hierarchy definition. The net asset value for each share is equal to the quoted market price.

**Federal Taxes -** The operations of the Separate Account form part of, and are taxed with, the operations of the Sponsor. Under the Internal Revenue Code, all ordinary income and capital gains allocated to the policyholders are not taxed to the Sponsor. As a result, the unit values of the subaccounts are not affected by federal income taxes on distributions received by the subaccounts. Accordingly, no provision for income taxes is required in the accompanying financial statements.

The Sponsor records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (i) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

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##### [**Table of Contents**](#toc)
**Note 3 - SHARE PURCHASES AND SALES** 

For the year ended December 31, 2025, the aggregate cost of purchases (including reinvestment of dividend distributions and transfers between mutual fund portfolios) and proceeds from sales of investments in the mutual portfolios were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| <br>**Sub-account** | $nan<br>**Purchases** | $nan<br>**Sales** |
| &nbsp;&nbsp; Alger Balanced Portfolio - Class I-2 | $98 | $236 |
| &nbsp;&nbsp; Alger Capital Appreciation Portfolio - Class I-2 | 347 | 1102 |
| &nbsp;&nbsp; Alger Growth & Income Portfolio - Class I-2 | 83 | 142 |
| &nbsp;&nbsp; Alger Large Cap Growth Portfolio - Class I-2 | 123 | 394 |
| &nbsp;&nbsp; Alger Mid Cap Growth Portfolio - Class I-2 | 136 | 321 |
| &nbsp;&nbsp; Alger Small Cap Growth Portfolio - Class I-2 | 50 | 227 |
| &nbsp;&nbsp; Federated Hermes Fund for U.S. Government Securities II | 26 | 32 |
| &nbsp;&nbsp; Federated Hermes Kaufmann Fund II - Primary Shares | 23 | 59 |
| &nbsp;&nbsp; Federated Hermes Managed Volatility Fund II - Primary Shares | 14 | 80 |
| &nbsp;&nbsp; Federated Hermes Quality Bond Fund II - Primary Shares | 34 | 25 |
| &nbsp;&nbsp; Federated Hermes High Income Bond Fund II - Primary Shares | 136 | 98 |
| &nbsp;&nbsp; Fidelity VIP Asset Manager 70% Portfolio - Initial Class | 19 | 54 |
| &nbsp;&nbsp; Fidelity VIP Asset Manager 50% Portfolio - Initial Class | 17 | 16 |
| &nbsp;&nbsp; Fidelity VIP Balanced Portfolio - Initial Class | 27 | 110 |
| &nbsp;&nbsp; Fidelity VIP Contrafund Portfolio - Initial Class | 984 | 3465 |
| &nbsp;&nbsp; Fidelity VIP Contrafund Portfolio - Service Class 2 | 1094 | 2949 |
| &nbsp;&nbsp; Fidelity VIP Equity-Income Portfolio - Initial Class | 90 | 353 |
| &nbsp;&nbsp; Fidelity VIP Equity-Income Portfolio - Service Class 2 | 203 | 245 |
| &nbsp;&nbsp; Fidelity VIP Government Money Market Portfolio - Initial Class | 1389 | 540 |
| &nbsp;&nbsp; Fidelity VIP Government Money Market Portfolio - Service Class 2 | 381 | 185 |
| &nbsp;&nbsp; Fidelity VIP Growth - Initial Class | 229 | 3108 |
| &nbsp;&nbsp; Fidelity VIP Growth and Income - Initial Class | 63 | 261 |
| &nbsp;&nbsp; Fidelity VIP Growth and Income - Service Class 2 | 202 | 281 |
| &nbsp;&nbsp; Fidelity VIP Growth Opportunities Portfolio - Initial Class | 153 | 958 |
| &nbsp;&nbsp; Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | 287 | 1066 |
| &nbsp;&nbsp; Fidelity VIP High Income - Initial Class | 24 | 71 |
| &nbsp;&nbsp; Fidelity VIP Index 500 Portfolio - Initial Class | 323 | 3617 |
| &nbsp;&nbsp; Fidelity VIP Index 500 Portfolio - Service Class 2 | 506 | 1447 |
| &nbsp;&nbsp; Fidelity VIP Investment Grade Bond Portfolio - Initial Class | 25 | 82 |
| &nbsp;&nbsp; Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 93 | 48 |
| &nbsp;&nbsp; Fidelity VIP Mid Cap Portfolio - Initial Class | 180 | 2154 |
| &nbsp;&nbsp; Fidelity VIP Mid Cap Portfolio - Service Class 2 | 1216 | 2796 |
| &nbsp;&nbsp; Fidelity VIP Overseas Portfolio - Initial Class | 511 | 546 |
| &nbsp;&nbsp; Fidelity VIP Value Portfolio - Service Class 2 | 70 | 97 |
| &nbsp;&nbsp; Fidelity VIP Value Strategies - Service Class 2 | 51 | 159 |
| &nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund - Series I | 18 | 2 |
| &nbsp;&nbsp; Invesco V.I. Diversified Dividend Fund - Series I | 37 | 124 |
| &nbsp;&nbsp; Invesco V.I. Equity and Income Fund - Series I | 104 | 199 |
| &nbsp;&nbsp; Invesco V.I. Global Real Estate Fund - Series I | 118 | 154 |
| &nbsp;&nbsp; Invesco V.I. Health Care Fund - Series I | 32 | 95 |
| &nbsp;&nbsp; Invesco V.I. Small Cap Equity Fund - Series I | 65 | 64 |
| &nbsp;&nbsp; Invesco V.I. Technology Fund - Series I | 38 | 111 |
| &nbsp;&nbsp; MFS Core Equity Portfolio - Initial Class | 25 | 3 |
| &nbsp;&nbsp; MFS Growth Series - Initial Class | 62 | 263 |
| &nbsp;&nbsp; MFS Investors Trust Series - Initial Class | 46 | 64 |
| &nbsp;&nbsp; MFS Research Series - Initial Class | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | 219 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | 269 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Limited-Term Bond Portfolio | 30 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | 122 | 1404 |
| &nbsp;&nbsp; **Grand Total** | $**10395** | $**31442** |

---

\* Formerly named Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund.

------

##### [**Table of Contents**](#toc)
**Note 4 - POLICY CHARGES AND DEDUCTIONS** 

The following policy charges are deducted by the Sponsor from the Separate Account, and are considered to be related party transactions.

**Mortality and Expense Risk Charges -** The mortality risk and expense risk charges are applied daily against the net assets representing equity of policyholders held in each subaccount. The annual effective rates for these charges have a maximum rate of:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investrac Gold Variable Universal Life | 0.90% |
| &nbsp;&nbsp; Investrac Advantage Variable Universal Life | 1.25% |
| &nbsp;&nbsp; Survivorship Variable Universal Life | 0.90% |
| &nbsp;&nbsp; WealthQuest III Variable Universal Life | 0.70% |

---

**Monthly Administrative Charges -** A monthly charge to the accumulated value is deducted equal to a monthly cost of insurance, including additional charges for riders if applicable. Also, a monthly maintenance fee varying by product is assessed as follows:

---

| | |
|:---|:---|
|  | $— |
| &nbsp;&nbsp; Investrac Gold Variable Universal Life | $2.5 |
| &nbsp;&nbsp; Investrac Advantage Variable Universal Life | $7.5 |
| &nbsp;&nbsp; Survivorship Variable Universal Life | $5.0 |
| &nbsp;&nbsp; WealthQuest III Variable Universal Life | $7.5 |

---

The monthly charge and monthly maintenance fee are imposed directly and charged directly to the contract owner accounts through the redemption of units.

**Surrender Charge -** A surrender charge is imposed upon the surrender of variable life insurance contracts to compensate the Sponsor for sales and other marketing expenses. The amount of any surrender charge will depend on the number of years that have elapsed since the contract was issued. In addition, partial surrenders will be assessed a $25 fee. No surrender charge will be imposed on death benefits. The surrender charge is imposed directly to the contract owner accounts through the redemption of units.

**Transfer Charge -** After the first twelve transfers in any one policy year for transfers made among the subaccounts (after four for the Investrac Gold Variable Universal Life product), a $25 transfer charge is imposed. Except for Wealthquest III Variable Universal Life, Investrac Advantage Variable Universal Life, and Survivorship Variable Universal Life, which imposes a $10 transfer fee. The transfer charge is imposed directly to the contract owner accounts through the redemption of units.

**Premium Charge -** Premium loads vary by product as follows:

---

| |
|:---|
| &nbsp;&nbsp; Investrac Gold Variable Universal Life - a 4% sales charge and a $2.00 transaction charge plus applicable premium tax up to 4%. |
| &nbsp;&nbsp; Investrac Advantage Variable Universal Life - no sales charges or loads. |
| &nbsp;&nbsp; Survivorship Variable Universal Life - up to a 3% sales charge. |
| &nbsp;&nbsp; WealthQuest III Variable Universal Life - up to a 6% sales charge. |

---

The premium charge is imposed directly to the contract owner accounts through the redemption of units.

**New Accounting Pronouncements Issued but Not Yet Effective** - All new accounting standards and updates of existing standards issued but not yet effective as of December 31, 2025 were considered and did not relate to accounting policies and procedures pertinent to the Separate Account at this time or were not expected to have a material impact to the financial statements.

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS** 

The Sponsor sells a number of variable universal life products having unique combinations of features and fees that are charged against the policyholder's account balance (see Note 4). Differences in fee structures result in a variety of expense ratios and total returns. The unit value, the expense ratio and the total returns are presented for the product with the lowest and highest expense ratio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Investment<sup>1</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** |
|  | | **Units**<br>**(000s)** | **Unit Value**<br>**Lowest to Highest($)** | **Net Assets**<br>**(000s)($)** | **Income Ratio** | **Lowest to Highest** | **Lowest to Highest** |
| &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Balanced Portfolio - Class I-2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 602 | 4.53 | 2729 | 2.78 | 0.70 | 16.13 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 640 | 3.90 | 2498 | 0.19 | 0.70 | 16.98 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 662 | 3.33 | 2207 | 1.81 | 0.70 | 17.46 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 707 | 2.84 | 2007 | 5.72 | 0.70 | (11.13) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 750 | 3.19 | 2395 | 3.78 | 0.70 | 18.30 |
| &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Capital Appreciation Portfolio - Class I-2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 771 | 15.85 | 12227 |  | 0.70 | 32.95 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 831 | 11.92 | 9907 |  | 0.70 | 48.50 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 878 | 8.03 | 7048 |  | 0.70 | 44.51 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 966 | 5.56 | 5369 | 8.31 | 0.70 | (36.32) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 1048 | 8.72 | 9140 | 21.64 | 0.70 | 19.02 |
| &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Growth & Income Portfolio - Class I-2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 425 | 6.83 | 2904 | 1.58 | 0.70 | 20.84 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 439 | 5.65 | 2482 | 0.95 | 0.70 | 22.89 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 452 | 4.60 | 2080 | 4.60 | 0.70 | 24.45 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 467 | 3.70 | 1725 | 8.59 | 0.70 | (14.83) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 468 | 4.34 | 2031 | 8.65 | 0.70 | 31.15 |
| &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Large Cap Growth Portfolio - Class I-2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 543 | 8.92 | 4844 |  | 0.70 | 30.38 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 578 | 6.84 | 3951 |  | 0.70 | 42.91 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 627 | 4.78 | 3000 |  | 0.70 | 32.88 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 692 | 3.60 | 2492 | 4.99 | 0.70 | (38.53) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 726 | 5.86 | 4253 | 22.24 | 0.70 | 12.01 |
| &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Mid Cap Growth Portfolio - Class I-2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 821 | 6.20 | 5094 |  | 0.70 | 16.90 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 860 | 5.31 | 4561 |  | 0.70 | 21.08 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 923 | 4.38 | 4042 |  | 0.70 | 23.67 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 972 | 3.54 | 3445 | 3.25 | 0.70 | (35.79) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 1049 | 5.52 | 5789 | 32.94 | 0.70 | 4.30 |
| &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** | &nbsp;&nbsp;&nbsp; **Alger Small Cap Growth Portfolio - Class I-2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 350 | 5.94 | 2079 |  | 0.70 | 5.90 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 385 | 5.61 | 2163 | 0.38 | 0.70 | 8.12 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 407 | 5.19 | 2113 |  | 0.70 | 16.48 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 425 | 4.46 | 1895 | 18.87 | 0.70 | (37.60) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 467 | 7.14 | 3337 | 28.78 | 0.70 | (5.52) |
| &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** | &nbsp;&nbsp;&nbsp; **Federated Hermes Fund for U.S. Government Securities II** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 189 | 1.49 | 281 | 3.89 | 0.70 | 7.23 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 195 | 1.39 | 271 | 3.52 | 0.70 | 0.54 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 193 | 1.38 | 267 | 2.49 | 0.70 | 4.41 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 193 | 1.32 | 256 | 1.83 | 0.70 | (12.24) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 193 | 1.51 | 290 | 1.89 | 0.70 | (0.89) |
| &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes High Income Bond Fund II - Primary Shares** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 264 | 4.09 | 1080 | 5.83 | 0.70 | 8.30 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 257 | 3.77 | 970 | 5.50 | 0.70 | 6.40 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 303 | 3.55 | 1076 | 5.85 | 0.70 | 13.55 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 327 | 3.12 | 1021 | 5.51 | 0.70 | (11.21) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 335 | 3.52 | 1178 | 4.57 | 0.70 | 5.03 |

---

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Investment<sup>1</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** |
|  | | **Units**<br>**(000s)** | **Unit Value**<br>**Lowest to Highest($)** | **Net Assets**<br>**(000s)($)** | **Income Ratio** | **Lowest to Highest** | **Lowest to Highest** |
| &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Kaufmann Fund II - Primary Shares** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 211 | 5.89 | 1244 |  | 0.70 | 11.50 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 219 | 5.28 | 1155 | 3.46 | 0.70 | 17.12 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 217 | 4.51 | 977 |  | 0.70 | 17.16 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 223 | 3.85 | 856 | 12.51 | 0.70 | (29.81) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 232 | 5.48 | 1270 | 6.67 | 0.70 | 2.24 |
| &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Managed Volatility Fund II - Primary Shares** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 149 | 3.39 | 506 | 0.78 | 0.70 | 7.06 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 172 | 3.17 | 544 | 2.18 | 0.70 | 16.33 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 180 | 2.72 | 489 | 1.85 | 0.70 | 8.88 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 183 | 2.50 | 457 | 25.71 | 0.70 | (13.63) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 203 | 2.89 | 588 | 1.75 | 0.70 | 18.62 |
| &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** | &nbsp;&nbsp;&nbsp; **Federated Hermes Quality Bond Fund II - Primary Shares** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 116 | 1.96 | 226 | 3.26 | 0.70 | 7.63 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 114 | 1.82 | 207 | 2.89 | 0.70 | 3.91 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 109 | 1.75 | 191 | 2.61 | 0.70 | 8.04 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 113 | 1.62 | 183 | 4.15 | 0.70 | (9.38) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 147 | 1.79 | 263 | 3.43 | 0.70 | (1.34) |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 70% Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 233 | 3.85 to 6.43 | 1005 | 1.87 | 0.90 to 1.25 | 16.78 to 17.19 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 246 | 3.29 to 5.49 | 905 | 2.87 | 0.90 to 1.25 | 9.42 to 9.81 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 276 | 3.01 to 5.00 | 950 | 1.82 | 0.90 to .125 | 14.93 to 15.33 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 285 | 2.62 to 4.33 | 851 | 8.21 | 0.90 to 1.25 | (17.91) to (17.62 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 310 | 3.19 to 5.26 | 1118 | 2.73 | 0.90 to 1.25 | 12.37 to 12.86 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Asset Manager 50% Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 164 | 3.32 to 5.45 | 750 | 2.57 | 0.90 to 1.25 | 13.56 to 13.95 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 166 | 2.92 to 4.78 | 666 | 2.97 | 0.90 to 1.25 | 7.14 to 7.52 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 179 | 2.73 to 4.45 | 671 | 3.28 | 0.90 to 1.25 | 11.54 to 11.94 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 219 | 2.45 to 3.97 | 734 | 8.85 | 0.90 to 1.25 | (15.99) to (15.70 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 241 | 2.91 to 4.71 | 941 | 2.17 | 0.90 to 1.25 | 8.62 to 8.88 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Balanced Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 413 | 4.97 to 4.98 | 2120 | 1.74 | 0.90 to 1.25 | 13.77 to 14.17 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 433 | 4.35 to 4.37 | 1953 | 4.92 | 0.90 to 1.25 | 14.47 to 14.87 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 452 | 3.79 to 3.82 | 1783 | 5.26 | 0.90 to 1.25 | 20.02 to 20.44 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 458 | 3.15 to 3.18 | 1512 | 7.28 | 0.90 to 1.25 | (18.96) to (18.67 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 482 | 3.87 to 3.93 | 1966 | 8.16 | 0.90 to 1.25 | 16.93 to 17.27 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 1585 | 13.08 to 24.23 | 25496 | 0.14 | 0.90 to 1.25 | 19.97 to 20.39 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 1785 | 10.90 to 20.13 | 23627 | 12.18 | 0.90 to 1.25 | 32.12 to 32.58 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 1845 | 8.25 to 15.18 | 18570 | 4.03 | 0.90 to 1.25 | 31.80 to 32.26 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 1952 | 6.26 to 11.48 | 14866 | 5.25 | 0.90 to 1.25 | (27.23) to (26.97 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 2051 | 8.60 to 15.72 | 21435 | 12.58 | 0.90 to 1.25 | 26.31 to 26.64 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Contrafund Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 2846 | 11.72 | 33349 |  | 0.70 | 21.44 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3040 | 9.65 | 29337 | 12.57 | 0.70 | 33.64 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 3158 | 7.22 | 22806 | 3.95 | 0.70 | 33.71 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 3419 | 5.40 | 18463 | 5.21 | 0.70 | (26.18) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 3571 | 7.32 | 26124 | 12.78 | 0.70 | 27.68 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 745 | 5.86 to 12.09 | 6277 | 1.82 | 0.90 to 1.25 | 17.54 to 17.95 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 783 | 4.98 to 10.25 | 5620 | 7.50 | 0.90 to 1.25 | 13.90 to 14.31 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 825 | 4.38 to 8.97 | 5223 | 4.83 | 0.90 to 1.25 | 9.28 to 9.66 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 866 | 4.00 to 8.18 | 5003 | 5.14 | 0.90 to 1.25 | (6.14) to (5.81 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 962 | 4.27 to 8.68 | 5802 | 12.77 | 0.90 to 1.25 | 23.30 to 23.83 |

---

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Investment<sup>1</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** |
|  | | **Units**<br>**(000s)** | **Unit Value**<br>**Lowest to Highest($)** | **Net Assets**<br>**(000s)($)** | **Income Ratio** | **Lowest to Highest** | **Lowest to Highest** |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Equity-Income Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 404 | 4.82 | 1946 | 1.67 | 0.70 | 18.93 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 418 | 4.05 | 1693 | 7.78 | 0.70 | 15.04 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 424 | 3.52 | 1493 | 4.81 | 0.70 | 10.80 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 457 | 3.18 | 1452 | 5.23 | 0.70 | (4.12) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 467 | 3.31 | 1547 | 12.78 | 0.70 | 24.61 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 5595 | 1.26 to 1.32 | 7606 | 4.05 | 0.90 to 1.25 | 2.84 to 6.27 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 4963 | 1.23 to 1.24 | 6651 | 5.00 | 0.90 to 1.25 | 4.00 to 4.00 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 6693 | 1.18 to 1.19 | 8491 | 4.81 | 0.90 to 1.25 | 3.73 to 3.59 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 6130 | 1.14 to 1.53 | 7566 | 1.41 | 0.90 to 1.25 | 0.00 to 0.53 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 6348 | 1.14 | 7836 | 0.01 | 0.90 to 1.25 | (1.58) to (0.59 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Government Money Market Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 3960 | 1.15 | 4541 | 3.79 | 0.70 | 3.86 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3836 | 1.10 | 4236 | 4.74 | 0.70 | 4.89 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 4451 | 1.05 | 4686 | 4.55 | 0.70 | 4.84 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 4375 | 1.00 | 4393 | 1.27 | 0.70 | 1.58 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 4309 | 0.99 | 4260 | 0.01 | 0.70 | (0.14) |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 2368 | 10.27 to 21.33 | 31571 | 0.29 | 0.90 to 1.25 | 13.47 to 13.87 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 2640 | 9.05 to 18.73 | 30685 | 22.03 | 0.90 to 1.25 | 28.76 to 29.21 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 2785 | 7.03 to 14.50 | 25166 | 4.70 | 0.90 to 1.25 | 34.55 to 35.024 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 3112 | 5.23 to 10.74 | 20848 | 8.09 | 0.90 to 1.25 | (25.39) to (25.13 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 3355 | 7.01 to 14.34 | 29873 | 20.57 | 0.90 to 1.25 | 21.63 to 22.16 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 317 | 5.80 to 6.42 | 2001 | 1.53 | 0.90 to 1.25 | 19.99 to 20.41 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 356 | 4.81 to 5.35 | 1874 | 8.10 | 0.90 to 1.25 | 20.68 to 21.11 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 368 | 3.97 to 4.43 | 1606 | 4.95 | 0.90 to 1.25 | 17.25 to 17.66 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 503 | 3.38 to 3.78 ` | 1880 | 3.74 | 0.90 to 1.25 | (6.13) to (5.80 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 369 | 3.59 to 4.03 ` | 1461 | 6.94 | 0.90 to 1.25 | 24.26 to 24.95 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth and Income - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 201 | 6.71 | 1349 | 1.32 | 0.70 | 21.99 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 218 | 5.50 | 1199 | 8.14 | 0.70 | 22.52 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 227 | 4.49 | 1021 | 5.40 | 0.70 | 18.63 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 245 | 3.79 | 927 | 3.57 | 0.70 | (4.88) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 255 | 3.98 | 1016 | 6.86 | 0.70 | 25.95 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 694 | 8.55 to 10.08 | 7190 |  | 0.90 to 1.25 | 20.44 to 20.86 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 773 | 7.07 to 8.37 | 6751 |  | 0.90 to 1.25 | 37.15 to 37.64 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 819 | 5.14 to 6.10 | 5202 |  | 0.90 to 1.25 | 43.85 to 44.35 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 876 | 3.56 to 4.24 | 3863 | 20.66 | 0.90 to 1.25 | (38.92) to (38.70 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 978 | 5.81 to 6.94 | 7030 | 9.08 | 0.90 to 1.25 | 10.55 to 11.03 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Growth Opportunities Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 509 | 13.26 | 6753 |  | 0.70 | 21.86 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 580 | 10.88 | 6308 |  | 0.70 | 38.73 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 604 | 7.84 | 4739 |  | 0.70 | 45.24 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 664 | 5.40 | 3585 | 19.78 | 0.70 | (38.26) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 684 | 8.75 | 5986 | 8.80 | 0.70 | 11.71 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP High Income - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 223 | 2.33 to 3.60 | 604 | 6.17 | 0.90 to 1.25 | 8.99 to 9.37 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 243 | 2.14 to 3.29 | 606 | 5.96 | 0.90 to 1.25 | 7.61 to 7.99 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 259 | 1.98 to 3.05 | 599 | 5.64 | 0.90 to 1.25 | 9.11 to 9.49 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 277 | 1.82 to 2.79 | 583 | 5.13 | 0.90 to 1.25 | (12.47) to (12.17 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 289 | 2.08 to 3.17 | 693 | 5.36 | 0.90 to 1.25 | 2.89 to 3.32 |

---

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Investment<sup>1</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** |
|  | | **Units**<br>**(000s)** | **Unit Value**<br>**Lowest to Highest($)** | **Net Assets**<br>**(000s)($)** | **Income Ratio** | **Lowest to Highest** | **Lowest to Highest** |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 3394 | 7.87 to 18.95 | 35021 | 1.13 | 0.90 to 1.25 | 16.31 to 16.72 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3802 | 6.76 to 16.23 | 33490 | 1.33 | 0.90 to 1.25 | 23.44 to 23.77 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 4016 | 5.48 to 13.11 | 28752 | 2.38 | 0.90 to 1.25 | 24.63 to 25.07 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 4216 | 4.40 to 10.49 | 24333 | 2.23 | 0.90 to 1.25 | (19.23) to (18.94 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 4508 | 5.45 to 12.94 | 32121 | 1.98 | 0.90 to 1.25 | 26.97 to 27.45 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Index 500 Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 3120 | 7.92 | 24703 | 0.94 | 0.70 | 17.59 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3270 | 6.73 | 22012 | 1.13 | 0.70 | 24.67 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 3371 | 5.40 | 18203 | 2.20 | 0.70 | 26.19 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 3565 | 4.28 | 15256 | 1.99 | 0.70 | (18.08) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 3698 | 5.22 | 19318 | 1.78 | 0.70 | 28.67 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 242 | 2.18 to 3.12 | 633 | 3.39 | 0.90 to 1.25 | 5.89 to 6.26 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 273 | 2.06 to 2.93 | 661 | 3.52 | 0.90 to 1.25 | 0.51 to 0.87 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 262 | 2.05 to 2.91 | 636 | 2.56 | 0.90 to 1.25 | 4.89 to 5.25 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 284 | 1.95 to 2.76 | 654 | 7.53 | 0.90 to 1.25 | (14.04) to (13.74 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 314 | 2.27 to 3.20 | 830 | 4.84 | 0.90 to 1.25 | (2.03) to (1.44 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Investment Grade Bond Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 347 | 1.79 | 621 | 3.61 | 0.70 | 7.13 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 327 | 1.67 | 547 | 3.50 | 0.70 | 1.74 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 274 | 1.64 | 451 | 2.41 | 0.70 | 7.58 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 301 | 1.53 | 461 | 7.44 | 0.70 | (13.28) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 294 | 1.76 | 518 | 4.62 | 0.70 | (1.00) |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 1150 | 13.08 to 14.96 | 15756 | 0.43 | 0.90 to 1.25 | 10.37 to 10.75 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 1308 | 11.85 to 13.50 | 16290 | 13.31 | 0.90 to 1.25 | 16.02 to 16.43 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 1378 | 10.22 to 11.60 | 14765 | 3.32 | 0.90 to 1.25 | 13.65 to 14.05 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 1462 | 8.99 to 10.17 | 13749 | 7.06 | 0.90 to 1.25 | (15.80) to (15.51 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 1581 | 10.68 to 12.04 | 17610 | 16.16 | 0.90 to 1.25 | 24.00 to 24.47 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Mid Cap Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 3752 | 9.33 | 35008 | 0.25 | 0.70 | 11.70 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3971 | 8.35 | 33171 | 13.71 | 0.70 | 17.27 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 4270 | 7.12 | 30416 | 3.25 | 0.70 | 15.26 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 4598 | 6.18 | 28419 | 7.11 | 0.70 | (14.64) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 4890 | 7.24 | 35403 | 16.92 | 0.70 | 25.47 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Overseas Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 453 | 3.32 to 4.74 | 1832 | 1.60 | 0.90 to 1.25 | 18.90 to 19.31 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 472 | 2.79 to 3.97 | 1585 | 6.01 | 0.90 to 1.25 | 3.74 to 4.10 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 488 | 2.69 to 3.81 | 1610 | 1.30 | 0.90 to 1.25 | 19.01 to 19.43 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 510 | 2.26 to 3.19 | 1410 | 2.00 | 0.90 to 1.25 | (25.42) to (25.16 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 525 | 3.03 to 4.27 | 1932 | 7.99 | 0.90 to 1.25 | 18.09 to 18.48 |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Portfolio - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 121 | 5.13 | 621 | 1.24 | 0.70 | 11.64 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 130 | 4.59 | 591 | 11.69 | 0.70 | 11.04 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 125 | 4.14 | 518 | 4.62 | 0.70 | 19.90 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 150 | 3.45 | 517 | 4.61 | 0.70 | (3.35) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 154 | 3.57 | 549 | 12.58 | 0.70 | 30.79 |

---

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Investment<sup>1</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** |
|  | | **Units**<br>**(000s)** | **Unit Value**<br>**Lowest to Highest($)** | **Net Assets**<br>**(000s)($)** | **Income Ratio** | **Lowest to Highest** | **Lowest to Highest** |
| &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** | &nbsp;&nbsp;&nbsp; **Fidelity VIP Value Strategies - Service Class 2** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 176 | 5.45 | 961 | 0.80 | 0.70 | 7.93 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 199 | 5.05 | 1008 | 14.79 | 0.70 | 9.20 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 207 | 4.63 | 958 | 4.26 | 0.70 | 21.24 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 253 | 3.82 | 965 | 5.57 | 0.70 | (6.06) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 255 | 4.06 | 1036 | 9.79 | 0.70 | 33.19 |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Discovery Mid Cap Growth Fund - Series I** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 3 | 37.90 | 132 |  | 0.70 | 4.79 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3 | 36.17 | 112 |  | 0.70 | 24.20 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 3 | 29.12 | 91 |  | 0.70 | 14.16 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 4 | 25.51 | 99 | 28.41 | 0.70 | (31.03) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 5 | 36.98 | 191 | 10.96 | 0.70 | 18.83 |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Diversified Dividend Fund - Series I** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 5 | 98.62 | 536 | 1.58 | 0.70 | 16.42 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 6 | 84.70 | 542 | 6.08 | 0.70 | 13.08 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 7 | 74.90 | 502 | 9.78 | 0.70 | 10.04 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 9 | 68.07 | 598 | 14.53 | 0.70 | (1.91) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 9 | 69.39 | 602 | 2.70 | 0.70 | 19.67 |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Equity and Income Fund - Series I \*** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 560 | 4.11 | 2305 | 2.09 | 0.70 | 12.83 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 592 | 3.65 | 2157 | 15.10 | 0.70 | 12.28 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 629 | 3.25 | 2042 | 7.26 | 0.70 | 11.11 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 690 | 2.92 | 2015 | 15.10 | 0.70 | (7.01) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 702 | 3.14 | 2205 | 2.82 | 0.70 |  |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Health Care Fund - Series I** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 233 | 4.78 | 1112 |  | 0.70 | 15.21 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 249 | 4.15 | 1035 |  | 0.70 | 4.10 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 265 | 3.99 | 1056 |  | 0.70 | 3.54 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 289 | 3.85 | 1113 | 13.78 | 0.70 | (13.36) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 301 | 4.44 | 1336 | 11.33 | 0.70 | 12.48 |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Global Real Estate Fund - Series I** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 551 | 4.30 | 2366 | 2.03 | 0.70 | 7.95 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 568 | 3.98 | 2262 | 2.57 | 0.70 | (1.82) |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 593 | 4.05 | 2402 | 1.49 | 0.70 | 9.68 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 600 | 3.70 | 2217 | 2.83 | 0.70 | (24.58) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 657 | 4.90 | 3220 | 2.75 | 0.70 | 25.96 |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Small Cap Equity Fund - Series I** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 149 | 5.04 | 752 |  | 0.70 | 8.53 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 151 | 4.65 | 702 | 4.83 | 0.70 | 17.96 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 152 | 3.94 | 598 | 1.73 | 0.70 | 17.73 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 184 | 3.34 | 616 | 18.50 | 0.70 | (20.54) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 185 | 4.21 | 778 | 5.44 | 0.70 | 20.96 |
| &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** | &nbsp;&nbsp;&nbsp; **Invesco V.I. Technology Fund - Series I** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 282 | 6.47 | 1824 |  | 0.70 | 20.44 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 297 | 5.38 | 1599 | 4.27 | 0.70 | 34.30 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 351 | 4.00 | 1405 |  | 0.70 | 47.52 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 404 | 2.71 | 1097 | 38.00 | 0.70 | (39.58) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 407 | 4.49 | 1830 | 9.57 | 0.70 | 14.84 |
| &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Core Equity Portfolio - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 5 | 84.32 | 393 | 0.46 | 0.70 | 12.50 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 4 | 74.94 | 332 | 4.97 | 0.70 | 20.11 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 5 | 62.40 | 284 | 5.14 | 0.70 | 23.14 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 5 | 50.67 | 274 | 11.50 | 0.70 | (17.13) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 6 | 61.14 | 349 | 7.86 | 0.70 | 25.42 |

---

\*This fund was opened on April 30, 2021.

------

##### [**Table of Contents**](#toc)
**Note 5 - FINANCIAL HIGHLIGHTS (CONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Investment<sup>1</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** |
|  | | **Units**<br>**(000s)** | **Unit Value**<br>**Lowest to Highest($)** | **Net Assets**<br>**(000s)($)** | **Income Ratio** | **Lowest to Highest** | **Lowest to Highest** |
| &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Growth Series - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 168 | 10.23 | 1718 |  | 0.70 | 12.20 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 190 | 9.12 | 1730 | 7.91 | 0.70 | 31.45 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 209 | 6.93 | 1447 | 7.73 | 0.07 | 36.27 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 224 | 5.09 | 1139 | 11.32 | 0.70 | (31.57) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 233 | 7.44 | 1732 | 13.71 | 0.70 | 23.53 |
| &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Investors Trust Series - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 59 | 6.85 | 401 | 1.72 | 0.70 | 13.75 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 61 | 6.03 | 370 | 8.03 | 0.70 | 19.47 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 72 | 5.04 | 366 | 6.48 | 0.70 | 20.02 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 83 | 4.20 | 350 | 13.57 | 0.70 | (16.20) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 86 | 5.01 | 429 | 3.77 | 0.70 | 26.96 |
| &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** | &nbsp;&nbsp;&nbsp; **MFS Research Series - Initial Class** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 29 | 7.42 | 212 | 0.97 | 0.70 | 12.69 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 28 | 6.59 | 188 | 6.29 | 0.70 | 18.56 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 32 | 5.56 | 179 | 5.95 | 0.70 | 22.30 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 35 | 4.54 | 158 | 13.13 | 0.70 | (17.20) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 36 | 5.49 | 196 | 6.36 | 0.70 | 24.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Income Portfolio** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 2900 | 5.45 to 5.67 | 16107 | 1.64 | 0.70 to 1.25 | 12.94 to 14.36 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 3109 | 4.77 to 5.02 | 15121 | 8.33 | 0.70 to 1.25 | 10.30 to 11.83 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 3239 | 4.27 to 4.55 | 14114 | 6.25 | 0.70 to 1.25 | 8.18 to 9.75 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 3634 | 3.89 to 4.21 | 14487 | 6.95 | 0.70 to 1.25 | (4.54) to (2.92 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 3679 | 4.00 to 4.41 | 15104 | 8.91 | 0.70 to 1.25 | 24.09 to 25.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Stock Portfolio** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 1583 | 2.55 to 3.41 | 5120 | 1.94 | 0.70 to 1.25 | 16.94 to 18.63 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 1671 | 2.18 to 2.87 | 4560 | 3.38 | 0.70 to 1.25 | 1.96 to 3.29 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 1708 | 2.14 to 2.78 | 4524 | 0.98 | 0.70 to 1.25 | 14.80 to 17.17 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 1861 | 1.87 to 2.37 | 4217 | 3.09 | 0.70 to 1.25 | (16.86) to (15.37 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 1962 | 2.24 to 2.80 | 5261 | 7.00 | 0.70 to 1.25 | 0.17 to 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Limited-Term Bond Portfolio** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 776 | 1.71 | 1326 | 4.29 | 0.70 | 5.73 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 769 | 5.61 | 1243 | 4.21 | 0.70 | 5.17 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 766 | 1.54 | 1176 | 3.32 | 0.70 | 4.53 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 760 | 1.47 | 1111 | 2.09 | 0.70 | (3.29) |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 839 | 1.52 | 1275 | 1.94 | 0.70 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid-Cap Growth Portfolio** |
| &nbsp;&nbsp;&nbsp; December 31, | 2025 | 735 | 9.46 to 13.01 | 8904 |  | 0.70 to 1.25 | 2.26 to 3.55 |
| &nbsp;&nbsp;&nbsp; December 31, | 2024 | 840 | 9.13 to 12.72 | 10011 | 9.13 | 0.70 to 1.25 | 7.95 to 9.32 |
| &nbsp;&nbsp;&nbsp; December 31, | 2023 | 872 | 8.35 to 11.78 | 9599 | 6.29 | 0.70 to 1.25 | 18.47 to 19.96 |
| &nbsp;&nbsp;&nbsp; December 31, | 2022 | 943 | 6.96 to 9.94 | 8663 | 2.89 | 0.70 to 1.25 | (23.54) to (22.58 |
| &nbsp;&nbsp;&nbsp; December 31, | 2021 | 1001 | 8.99 to 13.01 | 11959 | 10.07 | 0.70 to 1.25 | 13.39 to 14.87 |

---

**<sup>1</sup>** These ratios represent dividends, excluding distributions of realized gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. 

**<sup>2</sup>** These ratios represent the annualized policy expenses of the separate account, consisting primarily of mortality and expense charges. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to policyholder accounts through the redemption of units and expenses of the underlying fund are excluded. 

**<sup>3</sup>** These ratios represent the total return, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. 

------

##### [**Table of Contents**](#toc)
**Note 6 - UNIT CHANGES** 

The changes in units outstanding for the periods ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | $— | $— | | $— | $— | |
| | | **2024** | **2024** | | **2025** | **2025** | |
| <br>**Fund** | $nan<br>**January 1, 2024<br>Units<br>Outstanding** | **Units<br>Purchased** | **Units<br>Redeemed** | $nan<br>**December 31,<br>2024<br>Units<br>Outstanding** | **Units<br>Purchased** | **Units<br>Redeemed** | $nan<br>**December 31,<br>2025<br>Units<br>Outstanding** |
| &nbsp;&nbsp;&nbsp; Alger Balanced Portfolio - Class I-2 | 661870 | 49979 | 71439 | 640408 | 23918 | 61907 | 602419 |
| &nbsp;&nbsp;&nbsp; Alger Capital Appreciation Portfolio - Class I-2 | 877765 | 59234 | 106138 | 830861 | 26446 | 86036 | 771271 |
| &nbsp;&nbsp;&nbsp; Alger Growth & Income Portfolio - Class I-2 | 452052 | 38573 | 51603 | 439022 | 14255 | 28259 | 425018 |
| &nbsp;&nbsp;&nbsp; Alger Large Cap Growth Portfolio - Class I-2 | 626992 | 20875 | 70055 | 577812 | 17501 | 51939 | 543374 |
| &nbsp;&nbsp;&nbsp; Alger Mid Cap Growth Portfolio - Class I-2 | 922549 | 18707 | 81583 | 859673 | 23754 | 61990 | 821437 |
| &nbsp;&nbsp;&nbsp; Alger Small Cap Growth Portfolio - Class I-2 | 407046 | 8051 | 29705 | 385392 | 9331 | 45006 | 349717 |
| &nbsp;&nbsp;&nbsp; Federated Hermes Fund for U.S. Government Securities II | 193443 | 7935 | 5926 | 195452 | 18205 | 25145 | 188512 |
| &nbsp;&nbsp;&nbsp; Federated Hermes Kaufmann Fund II - Primary Shares | 303214 | 72296 | 118596 | 218902 | 4099 | 11550 | 211451 |
| &nbsp;&nbsp;&nbsp; Federated Hermes Managed Volatility Fund II - Primary Shares | 216688 | 8974 | 6760 | 171763 | 4332 | 26903 | 149192 |
| &nbsp;&nbsp;&nbsp; Federated Hermes Quality Bond Fund II - Primary Shares | 179659 | 19531 | 27427 | 113884 | 17511 | 15611 | 115784 |
| &nbsp;&nbsp;&nbsp; Federated Hermes High Income Bond Fund II - Primary Shares | 109344 | 11356 | 6816 | 256914 | 35374 | 28168 | 264120 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Asset Manager 70% Portfolio - Initial Class | 275858 | 3754 | 33635 | 245977 | 4638 | 17785 | 232830 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Asset Manager 50% Portfolio - Initial Class | 179159 | 4182 | 17175 | 166165 | 3854 | 5874 | 164145 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Balanced Portfolio - Initial Class | 451924 | 5128 | 24398 | 432654 | 5625 | 25149 | 413130 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Contrafund Portfolio - Initial Class | 1845198 | 55677 | 116259 | 1784615 | 54891 | 254386 | 1585120 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Contrafund Portfolio - Service Class 2 | 3158226 | 143219 | 261481 | 3039961 | 105635 | 299998 | 2845598 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Equity-Income Portfolio - Initial Class | 824986 | 9397 | 51881 | 782502 | 13927 | 51225 | 745204 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Equity-Income Portfolio - Service Class 2 | 424079 | 28127 | 34205 | 418002 | 45858 | 60011 | 403849 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Government Money Market Portfolio - Initial Class | 6693135 | 209248 | 1939104 | 4963279 | 1102947 | 470872 | 5595354 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Government Money Market Portfolio - Service Class 2 | 4451065 | 320995 | 935674 | 3836386 | 337691 | 214290 | 3959787 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Growth - Initial Class | 2785485 | 79593 | 225394 | 2639688 | 15335 | 287316 | 2367707 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Growth and Income - Initial Class | 367991 | 5208 | 17580 | 355618 | 11715 | 50409 | 316924 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Growth and Income - Service Class 2 | 227441 | 38372 | 47984 | 217829 | 32496 | 49356 | 200969 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Growth Opportunities Portfolio - Initial Class | 819082 | 4670 | 51073 | 772679 | 18221 | 96697 | 694203 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Growth Opportunities Portfolio - Service Class 2 | 604175 | 31144 | 55699 | 579622 | 24990 | 95357 | 509255 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP High Income - Initial Class | 258967 | 6477 | 22226 | 243219 | 8959 | 29453 | 222725 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Index 500 Portfolio - Initial Class | 4015942 | 114920 | 328921 | 3801941 | 26913 | 434674 | 3394180 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Index 500 Portfolio - Service Class 2 | 3370869 | 126523 | 227739 | 3269655 | 71938 | 221196 | 3120397 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Investment Grade Bond Portfolio - Initial Class | 262391 | 19392 | 9059 | 272724 | 10087 | 40486 | 242325 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 274077 | 78018 | 24777 | 327319 | 52829 | 33481 | 346667 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Mid Cap Portfolio - Initial Class | 1378612 | 8183 | 78978 | 1307817 | 9820 | 168067 | 1149570 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Mid Cap Portfolio - Service Class 2 | 4269914 | 124864 | 423773 | 3971004 | 141092 | 360098 | 3751998 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Overseas Portfolio - Initial Class | 488102 | 9115 | 25451 | 471766 | 153210 | 171568 | 453408 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Value Portfolio - Service Class 2 | 125267 | 7841 | 4447 | 128660 | 15571 | 23257 | 120974 |
| &nbsp;&nbsp;&nbsp; Fidelity VIP Value Strategies - Service Class 2 | 206961 | 12877 | 20399 | 199439 | 10069 | 33361 | 176147 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Discovery Mid Cap Growth Fund - Series I | 3139 | 87 | 130 | 3097 | 480 | 92 | 3485 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Diversified Dividend Fund - Series I | 6706 | 506 | 813 | 6400 | 420 | 1387 | 5433 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Equity and Income Fund - Series I | 628813 | 32204 | 69477 | 591540 | 27411 | 58760 | 560191 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Global Real Estate Fund - Series I | 264859 | 8649 | 24140 | 568325 | 28502 | 46111 | 550716 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Health Care Fund - Series I | 592712 | 26141 | 50528 | 249368 | 7337 | 24112 | 232593 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Small Cap Equity Fund - Series I | 151763 | 6372 | 6982 | 151154 | 14133 | 16113 | 149174 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Technology Fund - Series I | 351048 | 28754 | 82371 | 297431 | 7074 | 22730 | 281775 |
| &nbsp;&nbsp;&nbsp; MFS Core Equity Portfolio - Initial Class | 4544 | 36 | 147 | 4433 | 306 | 77 | 4662 |
| &nbsp;&nbsp;&nbsp; MFS Growth Series - Initial Class | 208720 | 10826 | 29755 | 189791 | 6419 | 28243 | 167967 |
| &nbsp;&nbsp;&nbsp; MFS Investors Trust Series - Initial Class | 72461 | 1652 | 12652 | 61461 | 7379 | 10323 | 58517 |
| &nbsp;&nbsp;&nbsp; MFS Research Series - Initial Class | 32133 | 457 | 4111 | 28478 | 398 | 334 | 28542 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | 3238563 | 161823 | 291099 | 3109289 | 41404 | 250324 | 2900369 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | 1708460 | 95873 | 133424 | 1670908 | 87720 | 175323 | 1583305 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Limited-Term Bond Portfolio | 765598 | 60677 | 57070 | 769197 | 17984 | 11067 | 776114 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | 871744 | 10881 | 42546 | 840079 | 8792 | 113407 | 735464 |
| &nbsp;&nbsp;&nbsp; **Total** | **51610791** | **2207373** | **6358605** | **47459555** | **2728796** | **4695283** | **45493068** |

---

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##### [**Table of Contents**](#toc)
**Note 7 - SUBSEQUENT EVENTS** 

The Separate Account evaluated subsequent events through the date the financial statements were issued. During this period, there were no significant subsequent events that required adjustment to or disclosure in the accompanying financial statements.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

Statutory Financial Statements and Supplemental Schedules

December 31, 2025

(With Independent Auditor's Report Thereon)

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES** 

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp; [Independent Auditor's Report](#fin215138_101) | 1 |
| &nbsp;&nbsp; [Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus](#fin215138_102) | 4 |
| &nbsp;&nbsp; [Statutory Statements of Operations](#fin215138_103) | 5 |
| &nbsp;&nbsp; [Statutory Statements of Capital and Surplus](#fin215138_104) | 6 |
| &nbsp;&nbsp; [Statutory Statements of Cash Flow](#fin215138_105) | 7 |
| &nbsp;&nbsp; [Notes to Statutory Financial Statements](#fin215138_106) | 8 |
| &nbsp;&nbsp; [Schedule I – Selected Financial Data](#fin215138_107) | 56 |
| &nbsp;&nbsp; [Schedule II – Summary Investment Schedule](#fin215138_108) | 60 |
| &nbsp;&nbsp; [Schedule III – Supplemental Investment Risks Interrogatories](#fin215138_109) | 62 |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g215138dsp49.jpg) | **Deloitte & Touche LLP** |
| ![LOGO](g215138dsp49.jpg) | 1111 Bagby Street, Ste 4500 |
| ![LOGO](g215138dsp49.jpg) | Houston, TX, 77002 |
| ![LOGO](g215138dsp49.jpg) | USA<br>|
| ![LOGO](g215138dsp49.jpg) | Tel: 1 713 982 2000 |
| ![LOGO](g215138dsp49.jpg) | Fax: 1 713 982 3000 |
| ![LOGO](g215138dsp49.jpg) | www.Deloitte.com |

---

**INDEPENDENT AUDITOR'S REPORT** 

Board of Directors

American National Insurance Company

Galveston, Texas

**Opinions** 

We have audited the statutory financial statements of American National Insurance Company (the "Company"), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, the related statutory statements of operations and capital and surplus and cash flow for each of the three years in the period ended December 31, 2025, and the related notes to the statutory financial statements (collectively referred to as the "statutory financial statements").

***Unmodified Opinion on Statutory-Basis of Accounting***

In our opinion, the accompanying statutory financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and capital and surplus and its cash flow for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance as described in Note 2.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations and capital and surplus or its cash flow for each of the three years in the period ended December 31, 2025.

**Basis for Opinions** 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statutory Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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##### [**Table of Contents**](#toc)
***Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

As described in Note 2 to the statutory financial statements, the statutory financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Texas Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Texas Department of Insurance. The effects on the statutory financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Emphasis of Matter** 

As described in Note 1 to the statutory financial statements, the Company is a member of a controlled group of affiliated companies and the operations of the Company may not be indicative of those that would have occurred had the Company operated as a stand-alone entity. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Statutory Financial Statements** 

Management is responsible for the preparation and fair presentation of the statutory financial statements in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the statutory financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

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##### [**Table of Contents**](#toc)
● Identify and assess the risks of material misstatement of the statutory financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluate the overall presentation of the statutory financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial
doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

**Report on Supplemental Schedules** 

Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory financial statements as a whole. The supplemental schedule of selected financial data; supplemental summary investment schedule, and supplemental investment risks interrogatories for the year ended December 31, 2025, are presented for purposes of additional analysis and are not a required part of the 2025 statutory financial statements. These schedules are the responsibility of the Company's management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 statutory financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory financial statements or to the statutory financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 statutory financial statements as a whole.

![LOGO](g215138dsp51.jpg)

April 24, 2026

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS** 

**(Dollars in Thousands)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Admitted Assets** |  |  |
|  **Cash and invested assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $16999817 | $12136781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 145487 | 295272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 857228 | 327230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans on real estate, net | 4819723 | 5126934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate investments | 194811 | 174412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Properties occupied by the Company | 64224 | 59372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, and short-term investments | 5047254 | 2701252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 199614 | 239005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 199650 | 253518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 3725866 | 3193836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for securities | 657 | 27341 |
|  **Total cash and invested assets** | **32254331** | **24534953** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income due and accrued | 283778 | 262756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable | 113273 | 57740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance receivables | 35278 | 4976318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred federal income tax asset | 328912 | 292313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excess of loss reinsurance | 370481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 222938 | 303624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate accounts assets | 6554125 | 5343737 |
|  **Total admitted assets** | $**40163116** | $**35771441** |
| **Liabilities and Capital and Surplus** |  |  |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | $29495815 | $21918721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy and contract claims: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life and annuity | 175659 | 183086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | 10598 | 10545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance payables | 74636 | 4921669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and other expenses payable | (272004) | 78946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserve | 575625 | 345026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 1130193 | 705717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate accounts liabilities | 6554125 | 5343737 |
|  **Total liabilities** | **37744647** | **33507447** |
|  **Capital and Surplus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common capital stock | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | 1270837 | 1120837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unassigned surplus (deficit) | 1142632 | 1138157 |
|  **Total capital and surplus** | **2418469** | **2263994** |
|  **Total liabilities and capital and surplus** | $**40163116** | $**35771441** |

---

*See accompanying notes to statutory financial statements.*

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**STATUTORY STATEMENTS OF OPERATIONS** 

**(Dollars in Thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums and considerations | $2445076 | $(1513603) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1425178 | 1326283 | 975585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions on reinsurance ceded | 552436 | 202630 | 144424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserve adjustments on reinsurance ceded | 3197057 | 5558080 | 1365599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 19786 | 46734 | 160417 |
|  **Total revenues** | **7639533** | **5620124** | **5757546** |
|  **Benefits and expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits to policyholders and beneficiaries: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life and annuity | 1252271 | 538065 | 835836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health | 62980 | 27614 | 14082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in reserve for future policy benefits | 5113157 | 785791 | 3622592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct and assumed commissions | 415377 | 355710 | 349560 |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 335124 | 343706 | 315788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers to (from) separate accounts | 333782 | 3055301 | 872804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other deductions and expenses | 189334 | 577238 | 97833 |
|  **Total benefits and expenses** | **7702025** | **5683425** | **6108495** |
|  **Income (loss) before dividends to policyholders** | **(62492)** | **(63301)** | **(350949)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to policyholders | (461) | 3003 | 1793 |
|  **Income (loss) before federal income tax and realized losses** | **(62031)** | **(66304)** | **(352742)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal income tax expense (benefit) | 24726 | 317416 | 51599 |
|  **Income (loss) after dividends to policyholders and federal income tax** | **(86757)** | **(383720)** | **(404341)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses), excluding losses transferred to interest maintenance reserve | 158251 | 140272 | 42500 |
|  **Net income (loss)** | $**71494** | $**(243448)** | $**(361841)** |

---

*See accompanying notes to statutory financial statements.*

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**STATUTORY STATEMENTS OF CAPITAL AND SURPLUS** 

**(Dollars in Thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Capital Stock** | **Paid in<br>Surplus** | **Special<br>Surplus** | **Unassigned<br>Surplus** | **Capital and**<br>**Surplus** |
|  **Balance, January 1, 2024** | $**5000** | $**1120837** | $**56367** | $**1180443** | $**2362647** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) |  |  | (56367) | (187081) | (243448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gains (losses) |  |  |  | (73849) | (73849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax |  |  |  | 53400 | 53400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted items |  |  |  | (127452) | (127452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve |  |  |  | (115857) | (115857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to stockholders |  |  |  | (59952) | (59952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance permitted practice |  |  |  | (548219) | (548219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | 1016724 | 1016724 |
|  **Balance, December 31, 2024** | **5000** | **1120837** | **—** | **1138157** | **2263994** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) |  |  |  | 71494 | 71494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gains (losses) |  |  |  | 18368 | 18368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax |  |  |  | 104996 | 104996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted items |  |  |  | 314426 | 314426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve |  |  |  | (230599) | (230599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to stockholders |  |  |  | (195192) | (195192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surplus adjustment: paid in |  | 150000 |  |  | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; XOL permitted practice |  |  |  | 370481 | 370481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | (449499) | (449499) |
|  **Balance, December 31, 2025** | $**5000** | $**1270837** | $**—** | $**1142632** | $**2418469** |

---

*See accompanying notes to statutory financial statements.*

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**STATUTORY STATEMENTS OF CASH FLOW** 

**(Dollars in Thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Cash from operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums collected, net of reinsurance | $7911603 | $(2869827) | $3109534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income collected | 1349181 | 1282327 | 1057168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 102124 | 261387 | 312975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit and loss related payments | (3796923) | 6287147 | 2240928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers to (from) separate accounts | (728192) | (3057992) | (869918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and expenses paid | (650775) | (2428602) | (2438689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to policyholders | 579 | (2242) | (1550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal income taxes paid (recovered) | 947 | (367888) | (25025) |
|  **Net cash from (used in) operations** | **4188544** | **(895690)** | **3385423** |
|  **Cash from investments** |  |  |  |
|  **Proceeds from investments sold, matured, or repaid** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | 3247222 | 3448313 | 2512317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stocks | 225722 | 47422 | 371269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 977930 | 785483 | 511090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 67346 | 187887 | 26438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 2949322 | 568553 | 1618789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on cash, cash equivalents and short-term investments | (2076) | (4578) | 10829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous proceeds | 592175 | 260931 | 128940 |
|  **Total proceeds from investments sold, matured, or repaid** | **8057641** | **5294011** | **5179672** |
|  **Costs of investments acquired** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | (7878579) | (3784306) | (2631741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stocks | (543065) | (548091) | (161073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | (711877) | (825380) | (675509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | (2897) | (1117) | (17408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | (3361251) | (1456106) | (2409015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous applications |  | (36005) | (214782) |
|  **Total costs of investments acquired** | **(12497669)** | **(6651005)** | **(6109528)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in policy loans | 39390 | 115056 | (20670) |
|  **Net cash from (used in) investments** | **(4400638)** | **(1241938)** | **(950526)** |
|  **Cash from (used in) financing and other sources** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital and paid in surplus, less treasury stock | 150000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net deposits on deposit-type contract funds and other liabilities | 2462161 | 66544 | (22018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to stockholders | (165000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other cash provided | 110934 | 762465 | 187309 |
|  **Net cash from (used in) financing and other sources** | **2558095** | **829009** | **165291** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in cash, cash equivalents, and short-term investments | 2346002 | (1308618) | 2600188 |
|  **Cash, cash equivalents, and short-term investments:** |  |  |  |
|  Beginning of year | 2701252 | 4009870 | 1409682 |
|  **End of year** | $**5047254** | $**2701252** | $**4009870** |
|  Note: Supplemental disclosure of cash flow information for non-cash transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance deferred gain | $298058 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; PRT premium and in-kind assets | 170950 | 467510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM dividend in-kind assets | 30287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution of Vermont III | 30192 | 59952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assumed coinsurance premium and in-kind assets |  | 1260927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life reinsurance expense |  | 559504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution of ANH and ANTAC |  |  | 3154087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds contributed as capital and paid in surplus |  |  | 1094135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate acquired in satisfaction of debt |  |  | 64680 |

---

*See accompanying notes to statutory financial statements.*

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 1 - Organization and Description of Business** 

American National Insurance Company (the "Company" or "ANICO") is a direct wholly-owned subsidiary of American National Group Inc. ("ANGI"). Brookfield Wealth Solutions Ltd. ("BWS") is the ultimate parent of the Company, and the Company is a member of the BWS group (NAIC Group #408). The Company is primarily focused on providing insurance to individuals and institutions through a broad range of annuity and retirement products and services. The Company is licensed to sell insurance products in 49 states, the District of Columbia and various U.S. territories.

**Note 2 - Summary of Significant Accounting Policies** 

The preparation of financial statements in conformity with statutory accounting principles ("SAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates used to prepare financial statements. Future events, which could impact these statements, include changes in the levels of mortality, morbidity, persistency, collectability, recoverability, market performance, interest rates, and potential for an unpredictable outcome in any given lawsuit. Certain prior year amounts have been reclassified to conform to the current year presentation.

**Basis of Presentation** 

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the State of Texas Department of Insurance, ("TDI").

The TDI recognizes only statutory accounting practices ("SAP") prescribed by the State of Texas for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Texas Insurance Law. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of Texas. The state has implemented and adopted certain exceptions to the prescribed accounting practices found in the NAIC SAP and the Insurance Commissioner of the State of Texas has the right to permit other specific practices that deviate from prescribed practices. Such permitted practices employed by ANICO include the following:

In 2025, ANICO used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices been followed:

Effective September 30, 2025, ANICO implemented a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss reinsurance agreement. This reinsurance agreement has a 20-year term and provides coverage to ANICO for aggregate claims incurred during the agreement term associated with a closed block of life insurance policies exceeding an attachment point as defined in the agreement.

The value of this asset subject to the above permitted practice was approximately $370.5 million in total at December 31, 2025 and will result in an undiminished equivalent increase in statutory surplus.

In the event ANICO had not employed this permitted and prescribed practice, ANICO's risk-based capital ("RBC") would not have triggered a regulatory event.

In 2023, the Company was granted a permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices been followed. In August 2024, the Company terminated its previously reported reinsurance permitted practice as a result of entering into a coinsurance agreement with RGA Life and Annuity Insurance Company ("RGA"), effective July 1, 2024. See Note 12 for additional detail.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 2 - Summary of Significant Accounting Policies (continued)** 

**Basis of Presentation (continued)** 

The following table presents a reconciliation of the Company's net income and capital and surplus between NAIC SAP and practices prescribed or permitted by the State of Texas:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Net income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; At state basis | $71494 | $(243448) | $(361841) |
| &nbsp;&nbsp;&nbsp;&nbsp; State prescribed/permitted practices that are an increase/(decrease) from NAIC SAP: |  |  |  |
|  **NAIC SAP** | $**71494** | $**(243448)** | $**(361841)** |
|  **Surplus** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; At state basis | $2418469 | $2263994 | $2362647 |
| &nbsp;&nbsp;&nbsp;&nbsp; State prescribed practices that are an increase/(decrease) from NAIC SAP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XOL permitted practice | 370481 |  | 548219 |
|  **NAIC SAP** | $**2047988** | $**2263994** | $**1814428** |

---

NAIC statutory accounting principles vary in some respects from accounting principles generally accepted in the United States of America ("GAAP"). The primary differences between GAAP-basis and statutory-basis of accounting for the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Description** | **GAAP Treatment** | **Statutory Treatment** |
| **Bonds and short-term investments** | Fixed-income investments with purpose of collecting interest. | Generally, held-to-maturity securities are carried at amortized cost and available-for-sale securities are carried at fair value. | Generally carried at amortized cost. |
| **Common stock - unaffiliated** | Investments in common stock of unaffiliated companies. | Recorded at fair value through earnings. | Reported at fair value through surplus. |
| **Common stock - affiliated** | Entity that is directly or indirectly owned and controlled by a reporting entity. | GAAP principles require consolidation. | Recorded under the equity method of accounting. |
| **Contract holder dividend liability** | Dividends associated with participating policyholders agreements. | Provision is made for accumulated earnings expected to be paid to contract holders, including pro rata portion of dividends incurred to valuation date. | Provision for dividends expected to be paid over the year subsequent to the date of the financial statements, whether or not declared or apportioned. |
| **Mortgage loans** | Loans to borrowers; secured by a mortgage on real estate with the purpose of collecting interest income. | Unpaid principal balance plus unamortized loan origination fees less allowance for expected credit losses. | Generally carried at unpaid principal balance, or amortized cost if acquired at a discount or premium, net of impairments. |
| **Cash and cash equivalents** | Cash or assets that can be readily converted to cash with original maturities of 90 days or less. | Negative cash balances are reported as a liability. | Negative cash balances are reported within cash. |
| **Deferred premiums** | Insurance premiums that are paid in installments over time and not yet due. | Deferred premiums offset against liabilities for future policy benefits. | Deferred premiums recorded as assets. |
| **Reinsurance** | Transaction that indemnifies an insurer against loss or liability relating to insurance risk. | Recognized based on adequate transfer of risk, allowance for expected credit loss, reported on a gross basis. | Full credit generally given for authorized and certified reinsurers with net reporting generally required. A liability for unauthorized reinsurers in excess of approved collateral is recorded directly to surplus. |

---

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 2 - Summary of Significant Accounting Policies (continued)** 

**Basis of Presentation (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Description** | **GAAP Treatment** | **Statutory Treatment** |
| **Deferred taxes** | An asset or liability on the Company's balance sheet due to temporary differences in the financial reporting and tax bases. | A provision is made for deferred income taxes on temporary differences between the financial reporting and the tax bases of assets and liabilities. | NAIC SAP requires an amount to be recorded for deferred taxes. The amount of deferred income tax assets may not be fully recognized as admitted assets and the change in deferred taxes are charged directly to surplus. |
| **Nonadmitted assets** | Assets unable to be easily converted to cash. | All assets are recorded on the balance sheet. | Recognition on the balance sheet disallowed; charged to surplus. |
| **Policy reserves** | Excess of future policy claims over future premiums. | Based on the Company's estimates of mortality, morbidity, interest, persistency and withdrawals. | Based on NAIC Valuation Manual requirements for mortality, morbidity and interest and withdrawal requirements and reported net of the effects of indemnity reinsurance transactions. |
| **Interest Maintenance Reserve ("IMR")** | Statutory basis only investment reserve used to account for interest rate related realized gains and losses. | GAAP principles require that realized capital gains and losses be recognized in the period in which they occur. | NAIC SAP requires gains and losses from changes in interest rates to be amortized into income (net of tax) over the approximate remaining life of the investment sold. |
| **Asset Valuation Reserve ("AVR")** | Statutory basis only reserve intended to establish a reserve to offset potential credit-related investment losses. | No such liability is required. | Life and accident and health insurance companies shall recognize liabilities for an AVR, charged to surplus. |
| **Contracts containing mortality or morbidity risk** | Contracts containing mortality or morbidity risk. | Contracts that do not subject the Company to significant risks arising from policyholder mortality or morbidity are accounted for as interest bearing or other financial instruments. | Classified as insurance contracts under SAP. |
| **Universal life revenue** | Premiums associated with universal life contracts. | Premiums and deposits included in contract holder liabilities; revenues represent amounts assessed against policyholder. | Premiums and cost of insurance, and other contract charges are recognized as revenue. |
| **Other-than-temporary impairments** | Accounting model to be applied to certain financial assets measured at amortized cost. | Estimated credit losses on bonds classified as available for sale are recorded through an allowance for credit losses subject to future reversals if expected cash flows increase. | Credit loss-related bond impairments that are deemed to be other than temporary are recorded as a direct write-down to the security without the ability to reverse those losses in the future if expected cash flows increase. |
| **Policy acquisition costs** | Costs associated with the successful acquisition of an insurance policy. | Deferred and amortized over the life of the policy, if recoverable from policy revenues. | Charged to operations as incurred. |

---

The effect of such differences on the statutory basis financial statements have not been determined, but are presumed to be material.

**Investments, Investment Income, and Related Gains and Losses** 

The Company reviews all debt instruments to determine whether they qualify as a bond under the principle-based bond definition ("PBBD") to be reported on Schedule D. This includes reviewing whether there is a creditor relationship, where the investor is entitled to receive a fixed schedule of one or more payments. A bond must have pre-determined principal and interest payments (whether fixed interest or variable interest) with contractual amounts that do not vary based on appreciation or depreciation of underlying collateral or other non-debt variables. The PBBD emphasizes the assessment of the substance of the investment's structure and the underlying cash flow characteristics, rather than legal form alone. Bonds will be classified as either issuer credit obligations ("ICO") or asset-backed securities ("ABS"). For ABS, bonds will be further evaluated to ensure they have substantive credit enhancement and, if the underlying collateral was cash-generating non-financial assets, that they meet the meaningful cash flow criteria.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 2 - Summary of Significant Accounting Policies (continued)** 

**Investments, Investment Income, and Related Gains and Losses (continued)** 

Bonds and stocks are valued in accordance with the Securities Valuation Office ("SVO") and rules promulgated by the NAIC. For those securities that are not priced by the SVO, the price is obtained from independent pricing services. Bonds not backed by other loans are generally stated at amortized cost using the scientific interest method, except for bonds with a NAIC designation of 6, which are recorded at the lower of amortized cost or estimated fair value.

Unaffiliated redeemable preferred stocks with a NAIC designation of 1-3 are stated at amortized cost and those with a NAIC designation of 4-6 are stated at lower of amortized cost or estimated fair value. Unaffiliated perpetual preferred stocks are valued at estimated fair value, not exceeding any current effective call price.

Unaffiliated common stocks are carried at estimated fair value. Changes in unrealized gains and losses on equity securities are included in unassigned surplus. The Federal Home Loan Bank of Dallas ("FHLB") capital stock is only redeemable at par, so the fair value of the capital stock is presumed to be par and carried at cost. Affiliated common stock is reported at underlying audited GAAP equity. Dividends and distributions are recorded in investment income to the extent they are not in excess of the investee's undistributed accumulated earnings, and changes in the equity of subsidiaries are recorded directly to surplus as unrealized gains or losses.

All marketable securities are reviewed quarterly for other-than-temporary impairment based on criteria that includes the extent to which cost exceeds fair value, the duration of market decline, the financial health of and specific prospects for the issuer or the performance of the collateral backing the security. An other-than-temporary impairment is considered to have occurred for bonds that are not asset-backed or other structured securities if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of a debt security in effect at the date of acquisition. For bonds that are asset-backed or other structured securities, an other-than-temporary impairment is considered to have occurred if the Company does not expect to recover the entire amortized cost basis of the security.

A decline in fair value which is other-than-temporary also includes situations where a reporting entity has made a decision to sell a security prior to its maturity at an amount below its carrying value or assessed that they do not have the intent and ability to retain the security for a period of time sufficient to recover cost basis. If it is determined that a decline in the fair value of a bond that is not asset-backed or other structured security is other-than-temporary, the cost basis of the bond is written down to fair value as the new cost basis. When the decline in the fair value of an asset-backed or other structured security is determined to be other-than-temporary because the Company does not expect to recover its entire amortized cost basis, the cost basis of the security is written down to the present value of expected cash flows.

The amount of the write down on bonds due to other-than-temporary impairment is accounted for as a realized loss. The new cost basis is not changed for subsequent recoveries in fair value. Future declines in fair values which are determined to be other-than-temporary, are recorded as realized losses.

Interest on bonds is not accrued when the collection of interest is uncertain. Due and accrued income is excluded from surplus for amounts that are over ninety days past due.

Mortgage loans, are carried at the aggregate unpaid principal balance net of any premiums, discounts and impairments.

The mortgage loan portfolio is reviewed for impairment using criteria that include debt service coverage, annual operating statements, property inspection reports, geographic location and property type. A mortgage loan is considered other-than-temporarily impaired when it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement and the amount is recognized in the current period as a realized loss.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 2 - Summary of Significant Accounting Policies (continued)** 

**Investments, Investment Income, and Related Gains and Losses (continued)** 

Mortgage loans with temporary difficulties are not considered impaired when the borrower has the financial capacity to fund revenue shortfalls from the properties for the foreseeable future. Individual valuation allowances are established for impaired loans to reduce the carrying value to the fair value of the collateral. The Company closely monitors its commercial mortgage loan portfolio on a loan-by-loan basis. Loans with an estimated collateral value less than the loan balance, as well as loans with other characteristics indicative of higher than normal credit risks are reviewed at least quarterly for purposes of establishing valuation allowances and placing loans on non-accrual status, as necessary. The valuation allowance account for mortgage loans on real estate is maintained at a level believed to be adequate by management and reflects management's best estimate of probable credit losses, including losses incurred at the reporting date but not yet identified by specific loan. Management's periodic evaluation of the adequacy of the allowance for losses is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors.

Interest ceases to be accrued for loans on which interest is more than 90 days past due and/or when the collection of interest is not considered probable. Loans in foreclosure are also placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received. Once a loan becomes current, it is placed back into accrual status.

Real estate investments are carried at cost less allowances for depreciation. Depreciation is provided over the estimated useful lives of the properties (7 to 50 years) using the straight-line method.

The real estate portfolio, including joint venture interests, review process is similar to the process for mortgage loans. If a possible impairment is indicated, the fair value of the property is estimated using a variety of techniques, including cash flow analysis, appraisals and comparisons to the values of similar properties. If the carrying value is greater than the estimated fair value, an impairment is recognized in the current period as a realized loss.

Cash, cash equivalents, and short-term investments consist primarily of demand deposits, money market, and other highly liquid debt investments whose maturities are less than one year from the date of purchase. Short-term investments are stated at amortized cost, which approximates fair value. As noted in Note 3 below, asset-backed securities and Schedule BA investments are excluded from this classification.

Other invested assets includes collateral loans, joint ventures, surplus notes, and residual tranches of securitizations. Collateral loans are stated at aggregate unpaid balances. Joint ventures are carried at their underlying audited GAAP Equity basis. Surplus notes are carried at amortized cost. Affiliated residual tranches of securitizations are reported at their underlying audited GAAP equity.

The other invested asset portfolio also consists of investments in mineral rights, notes, lines of credit, both affiliated and unaffiliated fixed income instruments, leases, tax credit investments, and investments with the characteristics of common stock.

Investments in non-insurance subsidiaries organized as limited liability companies are carried as an asset provided the entity's U.S. GAAP equity is audited and are stated at U.S. GAAP equity. In the absence of an admissible audit, the entire investment is nonadmitted. The financial statements of equity method investees are usually not received in time for the Company to apply the equity method at each reporting period. Therefore, the equity pick-up on these investments has been recorded on a one to three-month lag.

The cost basis of limited partnerships and limited liability companies is adjusted for impairments in value deemed to be other-than-temporary, with the difference between cost and carrying value, which approximates fair value, recognized as a realized loss reported in net income. The new cost basis of an impaired limited partnership or limited liability company is not adjusted for subsequent increases in the underlying audited equity of the investee. Dividends and distributions from limited partnerships and limited liability companies, other than those deemed a return of capital, are recorded in net investment income. Undistributed earnings are included in unrealized gains and losses and are reflected in surplus, net of deferred taxes.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 2 - Summary of Significant Accounting Policies (continued)** 

**Revenues, Benefits, and Expenses** 

Minor ownership interest in partnerships are carried at proportional amortized cost in accordance with Statement of Statutory Accounting Principles ("SSAP") No. 93, *Investments in Tax Credits.* Mineral rights are carried at cost. Other invested assets with the underlying characteristics of mortgage loans are valued the same as mortgage loans as noted above. Notes and lines of credit are reported at the net unpaid balance, net of any premiums, discounts and impairments. Residual interests are carried using the "cost recovery" method (in accordance with SSAP 21). The remainder of the Company's other invested assets are carried at fair value.

Policy loans are stated at aggregate unpaid balances.

All derivative instruments are carried at fair value, net of collateral when right of offset exists. The Company limits credit risk exposure by purchasing from a number of different parties. Changes in the values of the options are recorded as changes in unrealized gains and losses.

Life premiums are recognized as income over the premium paying period of the related policies. Annuity considerations are recognized as revenue when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Benefits and expenses are charged to current operations as incurred. Expenses incurred in connection with issuance of new business, including acquisition costs such as sales commissions, are charged to operations as incurred.

The Company has issued a number of single premium deferred annuities that credit a policy return based on the performance of underlying equity index; however, the policies' earnings cannot be less than zero. The Company issues policies once a week and purchases over-the-counter call options at the time of issue, thereby closely matching the timing and other characteristics of the option assets to the index-related liabilities. All options purchased for this program are reported as derivatives in the Statutory Statement of Admitted Asset, Liabilities, and Capital and Surplus, net of collateral when right of offset exists. Changes in the values of the options are recorded as changes in unrealized gains and losses.

**Policyholder Reserves** 

Policyholder reserves are calculated to provide for future contractual benefits using the net level premium and commissioners reserve valuation methods and assumed rates of interest, mortality, and morbidity consistent with statutory requirements. Such liabilities are necessarily based on assumptions and estimates and while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amount provided. The methods for making such estimates and establishing the resulting liability is continually reviewed and any adjustments are reflected in the period determined. Refer to Note 13 - Life and Health Insurance Reserves for further discussion of reserves for life contracts and deposit-type contracts.

**Federal Income Tax** 

The Company is taxed as a life insurance company. Statutory net income differs from taxable income due to unique provisions of the federal income tax laws for life insurance companies, and due to differences in the timing of income and expense recognition for financial statement reporting versus federal income tax return reporting purposes. Temporary differences primarily include such items as policyholder dividends, reserves for future policy benefits, policy acquisition costs, and accrual of discount on investments.

Deferred income tax assets and liabilities are recognized to reflect the future tax consequences attributable to differences between the financial statement amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 2 - Summary of Significant Accounting Policies (continued)** 

**Federal Income Tax (continued)** 

Net deferred income tax assets and liabilities are classified as deferred federal income tax asset or liability in the accompanying statutory financial statements. Changes in deferred tax assets or liabilities are recognized as a separate component of gains and losses in surplus (change in net deferred income tax) except to the extent allocated to changes in unrealized gains or losses, changes in underfunded pension plan and changes in nonadmitted items.

For statutory financial statement purposes, the Company accounts for income taxes using the modified separate return method. Under this method, current and deferred tax expense or benefit is determined on a standalone basis; however the Company also considers taxable income or losses from other members of the consolidated tax return group when evaluating the realizability of its deferred income tax assets and determining the amount of its net admitted deferred income tax assets or liabilities.

SSAP No. 101, *Income Taxes,* requires us to evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce our deferred tax assets to an amount that is more likely than not to be realized.

The Company recognizes tax benefits on uncertain tax positions if it is more likely than not the position, based on its technical merits, will be sustained by taxing authorities. The Company recognizes the largest benefit that is greater than 50% likely of being ultimately realized upon settlement.

**Real Estate** 

Fixed assets are recorded at cost less accumulated depreciation. Gain or loss is recognized on those assets sold or retired based on their net book value at the time of disposal. The Company depreciates fixed assets on the straight-line basis over their estimated useful lives, typically five to thirty years.

**Note 3 - Accounting Changes and Correction of Errors** 

**Accounting Pronouncements Adopted** 

On January 1, 2025, the Company adopted the revisions to SSAP No. 93, *Investments in Tax Credit Structures,* and SSAP No. 94, *State and Federal Tax Credits.*

The revisions to SSAP No. 93 expanded guidance to include all tax credit investments, regardless of structure or type of state or federal tax credit program. The standard provides new guidance on the accounting, recognition, and reporting of tax credit investment structures. This will result in expanded use of the proportional amortization method which amortizes the initial cost of the tax credit investment in proportion to the tax credits and other tax benefits allocated to the investor. The Company holds tax credit investments that will prospectively transition to the proportional amortization method as of the effective date, January 1, 2025. All tax credit investment structures which fall within the scope of this statement will be reported on Schedule BA.

Revisions to SSAP No. 94 expand and amend the guidance for all purchased and certain allocated state and federal tax credits. This includes clarification on the recognition, measurement, and reporting for state and federal tax credits within the scope of the statement.

The prospective adoption of the revisions to SSAP No. 93 and 94 did not have a transition impact on net income, surplus, total assets and total liabilities.

Effective January 1, 2025, the Company adopted the NAIC's principle-based bond definition as required by SSAP No. 26, *Bonds* and SSAP No. 43, *Asset-Backed Securities (formerly Loan-Backed and Structured Securities)*. The updated definition clarifies the characteristics of a bond for statutory accounting purposes and establishes principles-based criteria to determine whether a security qualifies as a bond.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 3 - Accounting Changes and Correction of Errors (continued)** 

**Accounting Pronouncements Adopted (continued)** 

Under the new definition, a bond is generally defined as a security that represents a creditor relationship, where the investor is entitled to receive a fixed schedule of one or more payments. A bond must have pre-determined principal and interest payments (whether fixed interest or variable interest) with contractual amounts that do not vary based on appreciation or depreciation of underlying collateral or other non-debt variables. Investments that possess equity-like characteristics were further analyzed based on various characteristics to rebut the presumption that they did not represent a creditor relationship. The principle-based approach emphasizes the assessment of the substance of the investment's structure and the underlying cash flow characteristics, rather than legal form alone.

A key aspect of the new guidance is the requirement to classify bonds as either issuer credit obligations ("ICO"), which are now reported on Schedule D, Part 1, Section 1, or asset-backed securities ("ABS"), which are now reported on Schedule D, Part 1, Section 2. ICOs are obligations backed by the general creditworthiness of an operating entity, while ABS are bonds created for the primary purpose of raising debt capital where repayment is supported primarily by the cash flows from an underlying discrete pool of financial assets or cash generating non-financial assets. For ABS, the bonds were further evaluated to ensure they had substantive credit enhancement and, if the underlying collateral was cash-generating non-financial assets, that they met the meaningful cash flow criteria.

As a result of implementing the new bond definition, the Company conducted a comprehensive review of its investment portfolio. This review included an assessment of securities previously classified as bonds to determine whether they qualify under the revised definition and whether they are classified as an ICO or ABS. The review resulted in the reclassification of certain securities that no longer meet the definition of a bond effective January 1, 2025 and reported as non-bonds on Schedule BA. The Company also had certain hybrid investments that were reclassified to Schedule BA, Capital Notes.

The reclassifications resulted in the following financial impacts as of January 1, 2025 (in thousands):

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| | |
|:---|:---|
|  Aggregate book adjusted carrying value for all securities reclassified off Schedule D-1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131256 |
|  Aggregate book adjusted carrying value after transition for all securities reclassified off Schedule D-1 that resulted with a change in measurement basis |  |
|  Aggregate surplus impact for securities reclassified off Schedule D-1 |  |

---

During the year ended 2025, the Company identified approximately $47.0 million of securities that no longer met the definition of a bond, and these holdings were reclassified to Schedule BA.

Additionally, effective January 1, 2025, the Company adopted the revisions in Ref# 2023-17, which provide clarification for the classification of cash equivalents and short-term investments. The guidance in SSAP 2, *Cash, Cash Equivalents, Drafts and Short-Term Investments* notes the following investments can no longer be reported as a cash equivalent or short-term investment regardless of maturity date: asset-backed securities, all other invested assets (Schedule BA) including collateral loans and mortgage loans. The Company reclassified such investments to the applicable long-term investment schedules with a book adjusted carrying value of $100.0 million.

These updates did not result in a change in total invested assets but may impact the accounting treatment and related disclosures of affected securities going forward. The Company has updated its internal investment policies and procedures to reflect the principle-based criteria and continues to monitor guidance issued by the NAIC to ensure ongoing compliance.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 3 - Accounting Changes and Correction of Errors (continued)** 

**Accounting Pronouncements Adopted (continued)** 

During 2025, the Company elected to change its accounting policy for the presentation of receivables and payables resulting from affiliated reinsurance transactions to better reflect how reinsurance is settled. The Company will present the receivables and payables from these affiliated reinsurance transactions on a net basis on the balance sheets. Previously, these balances were reported gross. The following lines on the 2025 annual statement were impacted by this change:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Page 2 Line 16.1 - Amounts recoverable from reinsurers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Page 2 Line 16.3 - Other amounts receivable under reinsurance contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Page 3 Line 9.3 - Other amounts payable on reinsurance

There were no impacts to surplus or net income as a result of this change. Prior year amounts reported in these statements were not updated for this change.

**Reconciliation to Annual Statement** 

The accompanying statutory financial statements differ from the 2025 NAIC Annual Statement of the Company. The following tables summarizes the differences (in thousands), all of which have no impact on net income, surplus or the net change in cash. See below.

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| | |
|:---|:---|
|  | **Net Income** |
|  **2025 Annual Statement** | **71494** |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums and considerations | 310349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserve adjustments on reinsurance ceded | (63167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits to policyholders and beneficiaries: life and annuity | (247182) |
|  **2025 Audited financial statements** | **71494** |

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| | |
|:---|:---|
|  | **Cash Flow** |
|  **2025 Annual Statement** | **5047254** |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums collected, net of reinsurance | 310349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit and loss related payments | (310349) |
|  **2025 Audited financial statements** | **5047254** |

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments** 

**Bonds** 

The carrying value, gross unrealized gains and losses, and estimated fair value of investments in bonds were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying<br>Value** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
|  **Asset-backed securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - not self-liquidating - equity backed securities - unaffiliated | $1803932 | $38777 | $(782) | $1841927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - non-agency - CLOs/CBOs/CDOs - affiliated | 1008293 | 420 | (1555) | 1007158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - not self-liquidating - equity backed securities - affiliated | 295499 |  | (2) | 295497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-financial ABS - full analysis - other non-financial ABS - unaffiliated | 223857 | 5745 | (13098) | 216504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-financial ABS - full analysis - lease-backed securities - unaffiliated | 216289 | 1005 | (8115) | 209179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - non-agency CMBS - unaffiliated | 165773 | 2545 |  | 168318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - non-agency - CLOs/CBOs/CDOs - unaffiliated | 152470 | 883 |  | 153353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-financial ABS - practical expedient - other non-financial ABS - unaffiliated | 47374 | 2536 | (1592) | 48318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - not self-liquidating - other financial ABS - unaffiliated | 45431 |  |  | 45431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - non-agency CMBS - affiliated | 45300 | 5113 |  | 50413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - agency RMBS - guaranteed exempt from RBC | 10923 |  | (1129) | 9794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - agency RMBS - not/partially guaranteed not exempt from RBC | 4158 | 2 | (797) | 3363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - other financial ABS - unaffiliated | 2962 |  | (505) | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-financial ABS - practical expedient - lease-backed securities - unaffiliated | 2530 |  | (89) | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - non-agency RMBS - unaffiliated | 1048 | 115 | (61) | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS - self-liquidating - agency CMBS - guaranteed exempt from RBC | 394 |  | (40) | 354 |
|  **Total asset-backed securities** | 4026233 | 57141 | (27765) | 4055609 |
|  **Issuer credit obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds - unaffiliated | 10366920 | 91009 | (190292) | 10267637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds - affiliated | 1300193 |  | (193) | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Single entity backed obligations - unaffiliated | 630155 | 4575 | (7562) | 627168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities - unaffiliated | 302767 | 2365 | (2060) | 303072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds - special revenue | 133096 | 450 | (14561) | 118985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loans - issued - unaffiliated | 103115 | 1224 | (1444) | 102895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. sovereign jurisdiction securities | 51695 | 151 | (851) | 50995 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government obligations exempt from RBC | 37404 | 63 | (133) | 37334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds - general obligations direct and guaranteed | 27838 | 42 | (1351) | 26529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans that qualify as SVO-identified credit tenant loans - unaffiliated | 17501 |  | (636) | 16865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other U.S. government obligations not exempt from RBC | 2900 | 102 |  | 3002 |
|  **Total issuer credit obligations** | 12973584 | 99981 | (219083) | 12854482 |
|  **Total bonds** | $**16999817** | $**157122** | $**(246848)** | $**16910091** |

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Bonds (continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br>Value** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous | $8076439 | $35485 | $(336263) | $7775661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parents, subsidiaries and affiliates | 3844282 | 43819 | (37853) | 3850248 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. special revenue | 110846 | 420 | (13682) | 97584 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government | 58136 | 100 | (3406) | 54830 |
| &nbsp;&nbsp;&nbsp;&nbsp; States and political subdivisions | 24962 |  | (3773) | 21189 |
| &nbsp;&nbsp;&nbsp;&nbsp; States, territories, and possessions | 16980 |  | (1220) | 15760 |
| &nbsp;&nbsp;&nbsp;&nbsp; All other governments | 5136 |  | (598) | 4538 |
|  **Total bonds** | $**12136781** | $**79824** | $**(396795)** | $**11819810** |

---

The Company had 5 bonds with a NAIC rating of 6 carried at the lower of amortized cost or fair value as of December 31, 2025 and 5 bonds with a NAIC rating of 6 carried at the lower of amortized cost or fair value as of December 31, 2024. The carrying value and estimated fair value of the bonds were $3.0 million and $3.1 million as of December 31, 2025. The carrying value and estimated fair value of the bonds were $4.7 million and $4.7 million as of December 31, 2024.

The carrying value and estimated fair value of bonds by contractual maturity are shown below (in thousands):

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying<br>Value** | **Estimated<br>Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $686090 | $680917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years | 7685661 | 7733115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years | 5918666 | 5930766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after ten years through twenty years | 1354824 | 1295288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after twenty years | 1354576 | 1270005 |
|  **Total** | $**16999817** | $**16910091** |

---

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

In addition to the information disclosed above, short-term investments with a carrying value of $25.2 million and $559.6 million at December 31, 2025 and 2024 and cash equivalents with a carrying value of $3.4 billion and $1.4 billion at December 31, 2025 and 2024, respectively, are due in one year or less.

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Insurer Self-Certified Securities** 

The following represents securities for which the Company does not have all the information required for the NAIC to provide an NAIC designation, but for which the Company is receiving timely payments of principal and interest. These securities are referred to as "5GI Securities" (in thousands, except for number of securities):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Number of<br>5GI Securities** | **Carrying<br>Value** | **Estimated<br>Fair Value** | **Number of<br>5GI Securities** | **Carrying<br>Value** | **Estimated<br>Fair Value** |
|  **Investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations | 21 | $16802 | $15831 | 31 | $31071 | $29144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 11 | 3987 | 3987 | 11 | 3637 | 3637 |

---

**Investment Income** 

An analysis of investment income, by major classification, is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Gross investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $764489 | $739808 | $518259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 11969 | 5820 | 7615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 69804 | 2982 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 284801 | 282453 | 259344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 49518 | 71318 | 68978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 142215 | 157075 | 164716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 17616 | 17293 | 14346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 4981 | 8124 | 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 192859 | 179480 | 52900 |
|  **Total gross investment income** | **1538252** | **1464353** | **1097845** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less investment expenses | 113074 | 138070 | 122260 |
|  **Net investment income** | $**1425178** | $**1326283** | $**975585** |

---

**Gains and losses, including other-than-temporary-impairments** 

Gross, nonadmitted and admitted interest income due and accrued as of December 31, 2025 and 2024 was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Interest income due and accrued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross | $283778 | $262756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted |  |  |
|  **Admitted** | $**283778** | $**262756** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Gains and losses, including other-than-temporary-impairments (continued)** 

An analysis of net realized gains and losses on investments by type is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Realized gains (losses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $9739 | $(566757) | $(45186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 13891 | 14220 | 5780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 984 | (50) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | (23452) | (5768) | (14838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 23792 | 3196 | (8206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 1155 | (4578) | 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans |  | (4) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 90711 | 125934 | 24070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 105738 | 34029 | 25465 |
|  **Total realized gains (losses) before federal income taxes and IMR transfers** | **222558** | **(399778)** | **(1927)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal income tax expense (benefit) | 46737 | (93220) | (9612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less IMR transfers | 17569 | (446830) | (34815) |
|  **Net realized gains (losses)** | $**158252** | $**140272** | $**42500** |

---

Proceeds from sales of investments in bonds during 2025, 2024 and 2023 were $0.9 billion, $3.0 billion, and $1.2 billion, respectively. Gross gains of $22.7 million, $3.0 million, and $1.9 million were realized on the sales of investments in bonds prior to transfer to the IMR in 2025, 2024 and 2023, respectively. Gross losses of $9.4 million, $558.0 million, and $58.0 million were recognized on the sales of investments in bonds prior to transfer to the IMR in 2025, 2024 and 2023, respectively.

The Company recognized $3.6 million, $10.8 million, and $1.8 million in other-than-temporary impairments in bonds in 2025, 2024 and 2023, respectively. Also, total preferred and common stocks change in unrealized gain/(loss) were $(4.1) million, $(5.6) million, and $54.8 million in 2025, 2024 and 2023, respectively. The Company recognized $0, $76.0 thousand, and $0 in other-than-temporary impairments in preferred stocks in 2025, 2024 and 2023, respectively.

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Gains and losses, including other-than-temporary-impairments (continued)** 

An analysis of gross unrealized losses and related fair value for investment securities by length of time in an unrealized loss position is as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** |
|  **Debt securities** |  |  |  |  |  |  |
|  **Asset-backed securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial ABS | $(1672) | $207541 | $(3623) | $71227 | $(5295) | $278768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-financial ABS | (250) | 14651 | (22644) | 254366 | (22894) | 269017 |
|  **Total asset-backed securities** | (1922) | 222192 | (26267) | 325593 | (28189) | 547785 |
|  **Issuer credit obligations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | (8566) | 1423648 | (181891) | 2785248 | (190457) | 4208896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Single entity backed obligations - unaffiliated | (1954) | 103310 | (5608) | 205093 | (7562) | 308403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds | (193) | 6899 | (19224) | 99166 | (19417) | 106065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | (28) | 18336 | (2033) | 79206 | (2061) | 97542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loans | (4305) | 22551 | (428) | 35036 | (4733) | 57587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-US sovereign jurisdiction |  | 339 | (851) | 35526 | (851) | 35865 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. gov obligations (exempt from RBC) | (1) | 806 | (133) | 30568 | (134) | 31374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans that qualify as SVO Identified CTL |  |  | (636) | 16865 | (636) | 16865 |
|  **Total issuer credit obligations** | (15047) | 1575889 | (210804) | 3286708 | (225851) | 4862597 |
|  **Total debt securities** | **(16969)** | **1798081** | **(237071)** | **3612301** | **(254040)** | **5410382** |
|  **Equity securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | (1744) | 731 | (10783) | 44130 | (12527) | 44861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock | (157) | 60 |  |  | (157) | 60 |
|  **Total equity securities** | **(1901)** | **791** | **(10783)** | **44130** | **(12684)** | **44921** |
|  **Total debt and equity securities** | $**(18870)** | $**1798872** | $**(247854)** | $**3656431** | $**(266724)** | $**5455303** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Gains and losses, including other-than-temporary-impairments (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** |
|  **Debt securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous | $(111187) | $2058883 | $(206840) | $2136001 | $(318027) | $4194884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parent, subsidiaries and affiliates | (18908) | 406057 | (16694) | 319392 | (35602) | 725449 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. special revenue | (13280) | 70109 | (379) | 2467 | (13659) | 72576 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government | (297) | 10011 | (828) | 28496 | (1125) | 38507 |
| &nbsp;&nbsp;&nbsp;&nbsp; States and political subdivision | (3773) | 21189 |  |  | (3773) | 21189 |
| &nbsp;&nbsp;&nbsp;&nbsp; States, territories, and possessions | (1220) | 15760 |  |  | (1220) | 15760 |
| &nbsp;&nbsp;&nbsp;&nbsp; All other governments | (598) | 4538 |  |  | (598) | 4538 |
|  **Total debt securities** | **(149263)** | **2586547** | **(224741)** | **2486356** | **(374004)** | **5072903** |
|  **Equity securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock |  | 100 | (2886) | 27000 | (2886) | 27100 |
|  **Total marketable equity securities** | **—** | **100** | **(2886)** | **27000** | **(2886)** | **27100** |
|  **Total debt and equity securities** | $**(149263)** | $**2586647** | $**(227627)** | $**2513356** | $**(376890)** | $**5100003** |

---

The investment securities above were not deemed other-than-temporarily impaired, based on management's analysis; however, it is possible that management's analysis in the future may lead to different conclusions.

The gross unrealized investment losses and related estimated fair value for asset-backed and structured securities were as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** | **Unrealized**<br>**Losses** | **Estimated**<br>**Fair Value** |
|  **Loan-backed securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage backed securities | $(4610) | $146612 | $(999) | $48248 | $(5609) | $194860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed and structured securities | (5202) | 54207 | (9728) | 104789 | (14930) | 158996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed and structured securities—parent, subsidiaries and affiliates | (1026) | 52767 | (1226) | 49657 | (2252) | 102424 |
|  **Total** | $**(10838)** | $**253586** | $**(11953)** | $**202694** | $**(22791)** | $**456280** |

---

For asset-backed securities, prepayment assumptions for mortgage-backed/asset-backed securities were obtained from independent third party pricing services or internal estimates. At December 31, 2025 and 2024, the Company had no securities within the scope of SSAP 43, *Asset-Backed Securities (formerly Loan-Backed and Structured Securities)*, with a recognized other-than-temporary impairment due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Derivative Instruments** 

The Company uses call options to pay the benefit provided for in the Company's indexed annuity insurance products. The financial characteristics of the call options purchased by the Company generally provide for the Company to be paid the one-year appreciation of various published indices. The term of the call options is generally one year. The Company pays cash to the counterparty based upon an agreed to price at the outset of the contract. The counterparty usually pays a single payment at each due date. The Company is exposed to risk of loss in the event of nonperformance by the counterparties and, accordingly, the Company purchases its option contracts from multiple counterparties and evaluates the creditworthiness of all counterparties prior to purchase of the contracts. All options have been purchased from nationally recognized investment banking institutions. Options are recorded at fair value with the corresponding changes in fair value recorded as unrealized capital gain (loss).

Foreign exchange forwards are over-the-counter contractual agreements in which we agree with a counterparty to deliver or receive a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. We use foreign exchange forwards to hedge the currency risk associated with investments denominated in foreign currencies. Foreign exchange forwards are recorded at fair value with the corresponding changes in fair value recorded as unrealized foreign exchange capital gain (loss).

The Company uses interest rate swaps to reduce market risk from changes in fair value due to changes in interest rates. Our interest rate swaps allow us to pay a fixed rate and receive a variable rate at specified intervals based on a notional amount. Interest rate swaps are used to manage interest rate risk and, to the extent they qualify, are treated as a fair value hedge. In accordance with SSAP No. 86-Derivatives, derivatives that are designated in a hedge accounting relationship are recorded in a manner consistent with the hedged asset or liability. The interest rate swaps are designated to hedge fixed-rate liabilities. The hedge is designed to provide variability of cash flows attributable to changes in interest rates. The Company also uses interest rate swaps to reduce market risk from changes in cash flows due to change in benchmark interest rates. Our interest rate swaps allow us to pay a variable rate and receive a fixed rate at specified intervals based on a swap notional amount. These interest rate swaps, classified as cash flow hedges, are used to ensure consistency of cash flows received on variable rate hedged items. All income statement activity for the interest rate hedges will be reported on the same lines as their corresponding hedged item to ensure offsetting. Interest rate swaps that are designated in a hedge accounting relationship are recorded in a manner consistent with the hedged liabilities. The amortized cost of the interest rates swaps is zero.

The Company has one total return swap with American National Insurance Holdings, Inc., an affiliate. A total return swap is a swap whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a floating rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. The total return swap is recorded at fair value with the corresponding changes in fair value recorded as unrealized capital gain (loss).

The Company reported derivatives at estimated fair value of $212.0 million and $253.5 million as of December 31, 2025 and 2024 respectively. The collateral held on the derivatives was $203.5 million and $247.0 million as of December 31, 2025 and 2024 respectively.

**Mortgage Loans** 

A financing receivable is a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in a company's statement of financial position. The Company's mortgage loans on real estate are the only financing receivables reported by the Company.

The maximum and minimum lending rates for new commercial mortgage loans during 2025 were 8.5% and 6.0%. The maximum percentage of any one loan to the value of the security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages was 86.8%. The Company carries an allowance for credit losses of $14.2 million as of December 31, 2025. The Company recognizes interest income on its impaired loans upon receipt. The Company had no taxes, assessments and any amount advanced and not included in the mortgage loan to report in 2025 and 2024.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Mortgage Loans (continued)** 

There was no mortgage loan interest excluded from surplus as of December 31, 2025 or 2024.

The amount of mortgage loans placed on non-accrual status is shown in the table below, net of allowances (in thousands):

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Commercial and residential mortgages** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office | $36988 | $8859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 50720 | 61897 |
|  **Total** | $**87708** | $**70756** |

---

Allowances for credit losses were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Balance at the beginning of period** | $**38400** | $**11993** |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions charged to operations | 17000 | 42400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct write-down charged against the allowance | (41200) | (15993) |
|  **Balance at the end of period** | $**14200** | $**38400** |

---

The age analysis of past due mortgage loans is shown in the table below (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |<br>**30-59 Days**<br>**Past Due** |<br>**60-89 Days**<br>**Past Due** | **Greater Than**<br>**90 Days Past**<br>**Due** |<br>**Total Past**<br>**Due** |<br>**Current** | **Total**<br>**Mortgage**<br>**Loans** |
|  **Mortgage loans on real estate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartments | $50000 | $— | $— | $50000 | $1113337 | $1163337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office | 48797 | 30806 | 45988 | 125591 | 703711 | 829302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial |  |  |  |  | 833959 | 833959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  |  | 7643 | 7643 | 689755 | 697398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel | 44030 |  |  | 44030 | 567244 | 611274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 43077 | 43077 | 390339 | 433416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential |  |  |  |  | 265237 | 265237 |
|  **Total** | $**142827** | $**30806** | $**96708** | $**270341** | $**4563582** | $**4833923** |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance |  |  |  |  |  | (14200) |
|  **Mortgage loans on real estate, net of allowance** |  |  |  |  |  | $**4819723** |

---

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Mortgage Loans (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |<br>**30-59 Days**<br>**Past Due** |<br>**60-89 Days**<br>**Past Due** | **Greater Than**<br>**90 Days Past**<br>**Due** |<br>**Total Past**<br>**Due** |<br>**Current** | **Total**<br>**Mortgage**<br>**Loans** |
|  **Mortgage loans on real estate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartments | $214 | $50000 | $— | $50214 | $1091247 | $1141461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office | 14264 |  | 19832 | 34096 | 907281 | 941377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 17153 |  | 35477 | 52630 | 874020 | 926650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  |  |  |  | 758400 | 758400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel |  |  | 26920 | 26920 | 705232 | 732152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  | 550639 | 550639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential |  |  |  |  | 114655 | 114655 |
|  **Total** | $**31631** | $**50000** | $**82229** | $**163860** | $**5001474** | $**5165334** |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance |  |  |  |  |  | (38400) |
|  **Mortgage loans on real estate, net of allowance** |  |  |  |  |  | $**5126934** |

---

The credit quality of the mortgage loan portfolio is assessed monthly to determine the credit risk of each borrower. A loan is classified as performing or non-performing based on whether all of the contractual terms of the loan have been met.

**Real Estate** 

The cost and accumulated depreciation on real estate investments and properties occupied by the Company were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** |
| **Real estate investments** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | $311677 | $314288 | $529178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation | (116866) | (139876) | (216512) |
|  **Net admitted asset** | $**194811** | $**174412** | $**312666** |
|  Depreciation expense | $6892 | $11488 | $15747 |
|  | **December 31,** | **December 31,** | **December 31,** |
| **Properties occupied by the Company** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | $113614 | $104428 | $102753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation | (49390) | (45056) | (40162) |
|  **Net admitted asset** | $**64224** | $**59372** | $**62591** |
|  Depreciation expense | $5182 | $4098 | $3609 |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 4 - Investments (continued)** 

**Joint Ventures, Partnerships, and Limited Liability Companies** 

On January 1, 2023, the Company's wholly owned subsidiary ANH Investments, LLC ("ANH") distributed the stock of American National Insurance Holdings, Inc. ("ANIH") to the Company, and the Company distributed such stock to ANGI. Such transactions were pursuant to approvals from the domiciliary state insurance regulators of the Company and the subsidiary insurance companies owned by ANIH as of December 31, 2022. In addition, on January 1, 2023, the Company distributed its entire interest in its wholly owned subsidiary, ANTAC, LLC to ANGI.

The investments in the tax credit structures are not currently subject to regulatory reviews. The investments in the tax credit structures do not exceed 10% of total admitted assets. The Company did not recognize any impairments in tax credit structures investments during the year ended December 31, 2025. The Company recognized an impairment of $38.7 million for one tax credit structures investment during the year ended December 31, 2024. The Company did not recognize any impairments in tax credit structures investments during the the year ended December 31, 2023.

**Other** 

The Company reduces its concentration of credit risk by maintaining a diverse investment portfolio. Investment policies limit concentration in any asset class, geographic region, industry, group, economic characteristic, investment quality, or individual investment.

The Company reported $18.1 million and $13.4 million, or 0.1% and 0.1% of total assets, pledged as collateral on reinsurance agreements at December 31, 2025 and 2024 respectively.

The Company reported $32.9 million and $32.3 million, or 0.1% and 0.1% of total assets on deposits with state regulating authorities as of December 31, 2025 and 2024, respectively.

The Company reported $392.0 million and $209.4 million fair value of securities acquired under secured borrowing at December 31, 2025 and 2024 respectively.

**Note 5 - Federal Income Taxes** 

The components of the net deferred tax asset (liability) were as follows (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross deferred tax assets | $550251 | $8511 | $558762 | $504875 | $18557 | $523432 | $45376 | $(10046) | $35330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory valuation allowance adjustments | (19805) |  | (19805) |  |  |  | (19805) |  | (19805) |
|  **Adjusted gross deferred tax assets** | **530446** | **8511** | **538957** | **504875** | **18557** | **523432** | **25571** | **(10046)** | **15525** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets nonadmitted | (107995) |  | (107995) | (112804) |  | (112804) | 4809 |  | 4809 |
|  **Subtotal net admitted deferred tax assets** | **422451** | **8511** | **430962** | **392071** | **18557** | **410628** | **30380** | **(10046)** | **20334** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | (86150) | (15900) | (102050) | (103598) | (14717) | (118315) | 17448 | (1183) | 16265 |
|  **Net admitted deferred tax assets** | $**336301** | $**(7389)** | $**328912** | $**288473** | $**3840** | $**292313** | $**47828** | $**(11229)** | $**36599** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 5 - Federal Income Taxes (continued)** 

The deferred tax assets admitted as a result of the application of SSAP 101 were as follows (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admission Calculation Components of SSAP No. 101 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets in the preceding line) after application of the threshold limitation. (The lesser of item 1 and 2 below.) | $323718 | $5194 | $328912 | $281950 | $10363 | $292313 | $41768 | $(5169) | $36599 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date | 385070 | 267 | 385337 | 366309 | 2506 | 368815 | 18761 | (2239) | 16522 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted gross deferred tax assets allowed per limitation threshold | XXX | XXX | 328912 | XXX | XXX | 292313 | XXX | XXX | 36599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross deferred tax assets (excluding the amount of deferred tax assets in the preceding lines) offset by gross deferred tax liabilities | 98733 | 3317 | 102050 | 103598 | 14717 | 118315 | (4865) | (11400) | (16265) |
| **Deferred tax assets admitted as a result of the application of SSAP No. 101** | $**422451** | $**8511** | $**430962** | $**385548** | $**25080** | $**410628** | $**36903** | $**(16569)** | $**20334** |

---

The Company's risk-based capital level were as follows:

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio percentage used to determine recovery period and threshold limitation amounts | 760.2% | 746.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of adjusted capital used to determine recovery period and threshold limitation (in thousands) | $2192744 | $1948752 |

---

Tax planning strategies had the following impact on the Company's net admitted deferred tax assets (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** | **Total** |
|  Determination of adjusted gross deferred tax assets, and net admitted deferred tax assets, by tax character as a percentage. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTAs amount | $530446 | $8511 | $538957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Percentage of adjusted gross DTAs by tax character attributable to tax planning strategies | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net admitted adjusted gross DTAs | $422451 | $8511 | $430962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Percentage of net admitted adjusted gross DTAs by tax character attributable to tax planning strategies | 12.6% | —% | 12.6% |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 5 - Federal Income Taxes (continued)** 

Current income taxes incurred consist of the following major components were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal tax benefit (expense) on current year operations | $21899 | $291621 | $(269722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | 2827 | 25795 | (22968) |
|  **Current year tax benefit (expense) on operations** | **24726** | **317416** | **(292690)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax benefit on realized capital gains (losses) | 46737 | (93220) | 139957 |
|  **Current income tax benefit (expense) incurred** | $**71463** | $**224196** | $**(152733)** |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal tax benefit (expense) on current year operations | $291621 | $44308 | $247313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax | 25795 | 7291 | 18504 |
|  **Current year tax benefit (expense) on operations** | **317416** | **51599** | **265817** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax benefit (expense) on realized capital gains (losses) | (93220) | (9612) | (83608) |
|  **Current income tax benefit (expense) incurred** | $**224196** | $**41987** | $**182209** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 5 - Federal Income Taxes (continued)** 

Deferred income tax assets and liabilities consist of the following major components as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **Change** |
|  **Deferred tax assets** |  |  |  |
|  **Ordinary** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | $359336 | $280206 | $79130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 4927 | 26120 | (21193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 109821 | 96439 | 13382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder dividends accrual | 566 | 541 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred compensation | 7390 | 6583 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted assets | 25671 | 79673 | (54002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax credit carry-forward | 42390 | 15130 | 27260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 150 | 183 | (33) |
|  **Total gross deferred tax assets** | **550251** | **504875** | **45376** |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | (19805) |  | (19805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted deferred tax assets | (107995) | (112804) | 4809 |
|  **Admitted ordinary deferred tax assets** | **422451** | **392071** | **30380** |
|  **Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 8511 | 18557 | (10046) |
|  **Admitted capital deferred tax assets** | **8511** | **18557** | **(10046)** |
|  **Admitted deferred tax assets** | **430962** | **410628** | **20334** |
|  **Deferred tax liabilities** |  |  |  |
|  **Ordinary** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (25490) | (16377) | (9113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed assets | (7041) | (6730) | (311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred and uncollected premium | (10754) | (12433) | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | (128) |  | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (42737) | (68058) | 25321 |
|  **Total ordinary deferred tax liabilities** | **(86150)** | **(103598)** | **17448** |
|  **Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invested assets | (15900) | (14717) | (1183) |
|  **Total capital deferred tax liabilities** | **(15900)** | **(14717)** | **(1183)** |
|  **Deferred tax liabilities** | **(102050)** | **(118315)** | **16265** |
|  **Net admitted deferred tax assets** | $**328912** | $**292313** | $**36599** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 5 - Federal Income Taxes (continued)** 

The change in net deferred income taxes reported in surplus is comprised of the following components as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted deferred tax assets | $538957 | $523432 | $15525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | (102050) | (118315) | 16265 |
|  **Net deferred tax asset** | $**436907** | $**405117** | $**31790** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect on change in unaffiliated unrealized gains (losses) |  |  | 12481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect on nonadmitted assets |  |  | 79673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect on change in statutory pension obligation |  |  | (18948) |
|  **Change in deferred income tax in surplus** |  |  | $**104996** |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted deferred tax assets | $523432 | $477656 | $45776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | (118315) | (128407) | 10092 |
|  **Net deferred tax asset** | $**405117** | $**349249** | $**55868** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect on change in unaffiliated unrealized gains (losses) |  |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect on nonadmitted assets |  |  | (9234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect on change in statutory pension obligation |  |  | 6596 |
|  **Change in deferred income tax in surplus** |  |  | $**53400** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 5 - Federal Income Taxes (continued)** 

The Company's income tax incurred differs from the amount obtained by applying the federal statutory rate of 21.0% to income before income taxes. The significant items causing the difference were as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | | | | | | **Effective Tax** |
|  | **2025** | **Effective Tax**<br>**Rate** | **2024** | **Effective Tax**<br>**Rate** | **2023** | **Rate** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) from operations | $(62031) |  | $(66304) |  | $(352742) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gains (losses) | 222559 |  | (399778) |  | (1927) |  |
|  **Reported income (loss)** | **160528** |  | **(466082)** |  | **(354669)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal statutory rate | 21.0% |  | 21.0% |  | 21.0% |  |
|  **Expected income tax benefit (expense) at statutory rate** | **33711** | **21.0%** | **(97877)** | **21.0%** | **(74480)** | **21.0%** |
|  **Increase (decrease) in tax resulting from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses | 5 | —% | 130 | —% | 168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt interest | (578) | (0.4)% | (334) | 0.1% | (370) | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | (1060) | (0.7)% | (554) | 0.1% | (889) | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | (10591) | (6.6)% |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | 19806 | 12.3% |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance transactions | (62592) | (39.0)% | 206864 | (44.4)% | (660) | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables nonadmitted | (25671) | (16.0)% |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest maintenance reserve | 608 | 0.4% | 109393 | (23.5)% | 1856 | (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax credits | 2690 | 1.7% | (28074) | 6.0% | (4968) | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax | 9471 | 5.9% |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 668 | 0.4% | (18752) | 4.1% | 10812 | (3.1)% |
|  **Total income tax reported** | $**(33533)** | **(21.0)%** | $**170796** | **(36.6)%** | $**(68531)** | **19.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Current income tax incurred | $71463 | 44.5% | $224196 | (48.1)% | $41987 | (11.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in deferred income tax | (104996) | (65.4)% | (53400) | 11.5% | (110518) | 31.1% |
|  **Total income tax** | $**(33533)** | **(20.9)%** | $**170796** | **(36.6)%** | $**(68531)** | **19.3%** |

---

The Company is included in the consolidated federal income tax return of its parent, BWS US Holdings, LLC. In accordance with the Company's tax sharing agreement, if the Company has taxable income, it pays its share of the consolidated federal income tax liability to its parent. However, if the Company incurs a tax loss, the tax benefit is recovered by decreasing subsequent year's federal income tax payments to its parent.

As of December 31, 2025 , the Company had $19.8 million of foreign tax credit carryforwards, which if not utilized, will expire in 2034 and $22.6 million of general busines tax credit carryforwards, which is not utilized will expire in 2044.

As of December 31, 2025 and 2024, the Company reported a valuation allowance of $19.8 million against its foreign tax credit carryforwards as, based on our evalution, we determined that it is not more likely than not these credits will be realized within the applicable carryforward period.

As of December 31, 2025, the Company had no unrecognized deferred tax liabilities.

As of December 31, 2025, the Company had no federal income taxes available for recoupment.

As of December 31, 2025, the Company had no deposits under Code Section 6603 to stop the running of interest on potential underpayments.

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 5 - Federal Income Taxes (continued)** 

The Company's federal income tax return is consolidated with the following entities:

---

| | | |
|:---|:---|:---|
|  **<u>Life Companies</u>** | **Non Life Companies** | **Non Life Companies (continued)** |
| &nbsp;&nbsp;&nbsp; American National Insurance Company | American National Administrators, Inc. | North Wolf Bay Holding, LLC |
| &nbsp;&nbsp;&nbsp; American National Life Insurance Company of Texas | ANICO Financial Services, Inc. | Argo Group US, Inc. |
| &nbsp;&nbsp;&nbsp; American National Life Insurance Company of New York | Standard Plus, Inc. | Clearbook Group Services, Inc. |
| &nbsp;&nbsp;&nbsp; Garden State Life Insurance Company | ANPAC Lloyds Insurance Management, Inc. | Trident Insurance Services, LLC |
| &nbsp;&nbsp;&nbsp; AEL Re Vermont III, Inc. | Freestone Re Ltd | Argonaut Great Central Insurance Company |
| &nbsp;&nbsp;&nbsp; American National Property And Casualty Company | American National Group Services, LLC | Argonaut Insurance Company |
| &nbsp;&nbsp;&nbsp; American National General Insurance Company | BNRE Triangle Acquisition Inc. | Argonaut-Midwest Insurance Company |
| &nbsp;&nbsp;&nbsp; Farm Family Casualty Insurance Company | Clearbrook Group Holdings, Inc. | ARIS Title Insurance Corporation |
| &nbsp;&nbsp;&nbsp; United Farm Family Insurance Company | Argo Re Ltd. | Colony Insurance Company |
| &nbsp;&nbsp;&nbsp; American National Group, Inc. | BWS Financing I LLC | Colony Specialty Insurance Company |
| &nbsp;&nbsp;&nbsp; BWS US Holdings LLC | Alteris Insurance Services, Inc. | Peleus Insurance Company |
| &nbsp;&nbsp;&nbsp; American National Insurance Service Company | American National Insurance Holdings, Inc. | Rockwood Casualty Insurance Company |
| &nbsp;&nbsp;&nbsp; Alternative Benefit Management, Inc. | American Equity Investment Properties, LLC | Somerset Casualty Insurance Company |
| &nbsp;&nbsp;&nbsp; BGL PT Land, LLC | NC Securities Holding Company, LLC | AEL Re Bermuda |
| &nbsp;&nbsp;&nbsp; ANG TopCo I LLC | American National Assignment Company LLC |  |

---

For purposes of calculating the earnings and profits of each of the members, the consolidated federal income tax liability of the affiliated group was apportioned among all the members in accordance with the method set forth in Code Section 1552 and Treasury Regulation Section 1.1552-1(a) and Treasury Regulations Section 1.1502-33(d)(2), the "wait and see" method, in accordance with a federal income tax sharing agreement.

The Company's federal income tax returns for years 2022 to 2024 subject to examination by the Internal Revenue Service.

The Inflation Reduction Act, enacted on August 16, 2022, introduced a Corporate Alternative Minimum Tax ("CAMT") beginning after 2022. As of December 31, 2025 the Company is not an applicable reporting entity and the accompanying statutory financial statements do not reflect an impact from the CAMT.

**Note 6 - Transactions with Affiliates** 

**Investments in Subsidiaries, Controlled and Affiliated Entities** 

The Company holds interests in subsidiaries, controlled and affiliated ("SCA") entities which are reported as "Common stock" or "Other invested assets" on the Statement of Admitted Assets, Liabilities and Capital and Surplus. The Company directly owns several non-insurance companies, affiliated common stock and affiliated residual equity interests in securitizations.

Per SSAP No. 97, *Investments in Subsidiary, Controlled and Affiliated Entities,* paragraph 35, all SCA investments within the scope of this statement (except paragraph 8.b.i entities) shall include disclosure of the SCA balance sheet value (admitted and nonadmitted) as well as information received from the NAIC in response to the SCA filing (e.g., date and type of filing, NAIC valuation amount, whether resubmission of filing is required). This disclosure shall include an aggregate total of all SCAs (except paragraph 8.b.i. entities) with detail of the aggregate gross value under this statement with the admitted and nonadmitted amounts reflected on the balance sheet. (As noted in paragraph 4, joint ventures, partnerships and limited liability companies are accounted for under the guidance in SSAP No. 48. As such, those entities are not subject to the disclosures in this statement, unless specifically directed by SSAP No. 48.)

As of December 31, 2025, no investment in a SCA entity exceeded 10% of the Company's admitted assets, and the Company does not have any material investments in foreign insurance subsidiaries. The Company did not have any significant investments in non-insurance SCA entities reported as common stocks as of December 31, 2025.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 6 - Transactions with Affiliates (continued)** 

**Investments in Subsidiaries, Controlled and Affiliated Entities (continued)** 

The Company's investments in subsidiary, controlled and affiliated entities were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Percentage of** | | |
|  | **SCA** | **Gross** | **Nonadmitted** |
| **SCA Entity** | **Ownership** | **Amount** | **Amount** |
|  **SSAP No. 97 8b(iii) entities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; One Liberty Plaza Property Holdings Limited | 9.3% | $11509 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 MW Property Holdings Ltd | 16.2 | 37764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan Creek Property Holdings Ltd | 15.9 | 19409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200 Vesey Holdings Ltd | 9.4 | 16878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Willowbrook Property Holdings Ltd | 16.6 | 22177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tysons Galleria Property Holdings Ltd | 15.8 | 17876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodlands Mall Property Holdings Ltd | 15.9 | 21129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 MW Property Holdings Ltd | 16.2 | 36471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Adelaide North Property Holdings Inc. | 17.4 | 95297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ala Moana Property Holdings Ltd | 17.4 | 22259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; La Cantera Property Holdings Ltd | 15.8 | 76008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eugene Property Holdings Ltd | 14.7 | 14682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fashion Show Property Holdings Ltd | 25.6 | 32542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canal Property Holdings Ltd | 26.4 | 35079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrick Park Property Holdings Ltd | 25.6 | 33310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Star Property Holdings Ltd | 25.2 | 31635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Meadows Property Holdings Ltd | 25.2 | 31205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonestown Galleria Property Holdings Ltd | 25.6 | 31731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BFPL Toronto Property Holdings Inc. | 25.0 | 34869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BFPL Calgary Property Holdings Inc. | 9.2 | 39071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lilia Property Holdings Limited | 10.7 | 11484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Adelaide Property Holdings Inc. | 5.2 | 35098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lilia Property Holdings Limited | 25.1 | 26795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BFPL Calgary Property Holdings Inc. | 25.0 | 26693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BFPL Toronto Property Holdings Inc. | 10.7 | 24960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Adelaide Property Holdings Inc. | 2.4 | 5051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alternative Benefit Management, Inc. | 100.0 | 5323 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Financial Services, Inc. | 100.0 | 250 |  |
|  **Total SSAP No. 97 8b(iii) entities** |  | $**796555** | $**5323** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Percentage of** | | | |
|  | **SCA** | **Gross** | **Admitted** | **Nonadmitted** |
| **SCA Entity** | **Ownership** | **Amount** | **Amount** | **Amount** |
|  **SSAP No. 97 8b(iii) entities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alternative Benefit Management, Inc. | 100.0% | $57407 | $— | $57407 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Financial Services, Inc. | 100.0 | 250 | 250 |  |
|  **Total SSAP No. 97 8b(iii) entities** |  | $**57657** | $**250** | $**57407** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 6 - Transactions with Affiliates (continued)** 

**Investments in Subsidiaries, Controlled and Affiliated Entities (continued)** 

The Company has guaranteed the solvency of Alternative Benefit Management, Inc. ("ABM"). This guarantee assures the payment of benefit liabilities by ABM which were assumed from the Company and certain other third parties. No liability for these guarantees is recorded on the Company's statutory statements of admitted assets, liabilities and capital and surplus.

The Company has various intercompany management agreements and service contracts. The Company received fees of $93.5 million, $300.3 million, and $173.7 million in 2025, 2024 and 2023, respectively, under these agreements.

Under the terms of a management agreement with American National County Mutual Insurance Company ("ANCMIC"), the Company receives a management fee from ANCMIC, a portion of which is allocated to American National Property And Casualty Company ("ANPAC"). The management fee is settled on an annual basis.

Effective October 1, 2025, ANPAC assumed the management of ANCMIC from the Company.

The Company extends lines of credit to several affiliates. The following table summarizes these affiliate transactions (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Revolving Line of Credit** | **Revolving Line of Credit** | **Outstanding Balance<br>Borrowed** | **Outstanding Balance<br>Borrowed** |
| **Lines of Credit at bank's prime rate of 7.0% in 2025 and 7.8% in 2024.** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Life Insurance Company of Texas | $3500 | $3500 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Life Insurance Company | 4000 | 4000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Life Insurance Company of New York | 35000 | 35000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Group Services, LLC | 30000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farm Family Casualty Insurance Company\* |  | 50000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Farm Family Insurance Company\* |  | 7500 |  | 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Property and Casualty Company\* |  | 50000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National General Insurance Company\* |  | 3000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National County Mutual Insurance Company\* |  | 500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Lloyds Insurance Company\* |  | 2500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alternative Benefits Management, Inc. | 1000 | 1000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANICO Financial Services, Inc. | 500 | 500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Administrators, Inc. | 1000 | 1000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Insurance Service Company\* |  | 500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Plus, Inc. | 1000 | 1000 |  |  |

---

\*Effective October 1, 2025 the lines of credit were terminated.

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 6 - Transactions with Affiliates (continued)** 

**Related Party Transactions** 

Other assets of $69.7 million and $64.8 million as of December 31, 2025 and 2024, respectively, represent amounts due from related parties. Other liabilities of $41.1 million and $24.9 million as of December 31, 2025 and 2024, respectively, represent amounts due to related parties. The terms of settlement generally require these amounts to be settled within 30 days of receipt of invoice or, as applicable under certain agreements, within 30 days of the end of the billing period.

On May 30, 2025, the Company received a $50.4 million dividend from ABM.

On June 20, 2025, the Company received a capital contribution of $150.0 million from ANGI.

In 2025, the Company purchased 273 securities from American Equity Investment Life Insurance Company ("AEILIC"), for consideration paid in the amount of $337.5 million.

In 2025, the Company sold 17 securities to AEILIC for consideration received in the amount of $399.4 million, including $9.5 million of net realized gains.

In December 2025, ANICO funded $246.8 million into related party securitization vehicles to acquire interests in BSREP III and BSREP V from Brookfield Corporation.

In December 2025, ANICO received $329.2 million in proceeds from the repayment of a collateral loan and $158.7 million from the sale of residual interests from a related party entity. These proceeds were used in part to purchase a $529.6 million collateral loan issued by Sonar BSREP IV Holdings 2025 LP, a subsidiary of BWS.

In December 2025, ANICO received $326.7 million proceeds from the repayment of a collateral loan and $148.8 million from the sale of residual interests from a related party entity. These proceeds were used in part to purchase $475.5 million in collateral loans issued by various special purpose vehicles, which are subsidiaries of BWS.

In December 2025, ANICO sold residual equity interests held in multiple related party securitization vehicles to BWS US Holdings LLC for consideration in the amount of $221.7 million, including $60.6 million of net realized gains. In addition, ANICO funded $519.5 million of rated debt securities in multiple related party securitization vehicles, which hold underlying investments in various private equity funds.

In December 2025, ANICO funded $857.7 million of rated debt securities and residual equity interests in multiple related party securitization vehicles, which hold underlying loans to third parties.

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 6 - Transactions with Affiliates (continued)** 

**Related Party Transactions (continued)** 

The Company did not purchase any material investments from affiliated entities during 2025.

The Company purchased investments from affiliated entities during 2024 as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $— |  | $— | $— | $— | $— |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Date of<br>Transaction** | **Name of Related Party** | **Type of<br>Transaction** | **Assets Received** | **Agreement<br>(Yes/No)** | **Amount Due<br>From (To)** |
| 9/19/2024 | BBP Bermuda V Loan | Other | Loan | Yes | $80750 |
| 9/19/2024 | BBP Bermuda XI Loan | Other | Loan | Yes | 80750 |
| 7/26/2024 | Bermuda Credit Tenant Loan | Other | Bonds | Yes | 43228 |
| 5/24/2024 | BIP Loan 1 | Other | Loan | Yes | 122385 |
| 5/24/2024 | BIP Loan 2 | Other | Loan | Yes | 122385 |
| 12/30/2024 | BIPREU Loan USD 04/30/2025 TL | Other | Loan | Yes | 100000 |
| 6/14/2024 | BOP 200 Vesey Holdings LLC | Other | Loan | Yes | 97000 |
| 7/29/2024 | BOP 250 Vesey Holdings LLC | Other | Loan | Yes | 106000 |
| 6/14/2024 | BOP 450 West 33rd I / II LLC | Other | Loan | Yes | 68000 |
| 6/14/2024 | BOP Brookfield Place Holding LLC | Other | Loan | Yes | 68000 |
| 6/14/2024 | BOP Manhattan West Holdings LLC | Other | Loan | Yes | 2000 |
| 6/14/2024 | BOP Waterside JV LLC | Other | Loan | Yes | 25000 |
| 9/26/2024 | BPEG Direct Loan USD 09/25/2025 TL | Other | Reverse Repurchase<br>Agreement | Yes | 48000 |
| 9/26/2024 | BPEG Loan USD 09/25/2025 TL | Other | Reverse Repurchase<br>Agreement | Yes | 77000 |
| 6/20/2024 | BPRLO 6.95 04/01/24 | Other | Loan | Yes | 49000 |
| 9/26/2024 | Brookfield Business | Other | Common Stock | Yes | 100000 |
| 6/28/2024 | Brookfield Securitization CFO Inc. | Other | Loan | Yes | 262000 |
| 4/23/2024 | Cyxtera Proj Cyborg | Other | Mortgage Loan | Yes | 185000 |
| 7/8/2024 | Gems Warehouse Loan - A | Other | Bonds | Yes | 158792 |
| 7/8/2024 | GEMS Warehouse Senior Loan - Collateral | Other | Long Term Collateral Loan | Yes | 70248 |
| 10/4/2024 | Keystone Terminal Loan Facility | Other | Loan | Yes | 50121 |
| 9/17/2024 | LUMINACE ABS ISSUER | Other | Bonds | Yes | 27341 |
| 10/18/2024 | LUMINACE EQUIPMENT HOLDINGS 2, LLC | Other | Loan | Yes | 32853 |
| 12/20/2024 | MN Hydro Loan | Other | Loan | Yes | 17000 |
| 12/20/2024 | MN Hydro Opco Loan | Other | Bonds | Yes | 34524 |
| 2/26/2024 | OLP Unlevered Feeder | Other | Bonds | Yes | 51300 |
| 12/24/2024 | PREI Loan USD 12/22/2025 TL | Other | Loan | Yes | 28899 |
| 1/31/2024 | Selenta Hospitality Holdco, S.L.U. | Other | Mortgage Loan | Yes | 63807 |
| 9/20/2024 | Urban Grid Partnership 2 Holding, LLC | Other | Tax Credit | Yes | 52600 |
| 12/9/2024 | White Pine Portfolio, LLC | Other | Bonds | Yes | 136705 |
| **Total of statement value of assets received** | **Total of statement value of assets received** |  |  |  | $2360688 |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 6 - Transactions with Affiliates (continued)** 

**Affiliated Reinsurance** 

The Company has reinsurance agreements with Freestone ceding certain annuity and PRT reserves on a modified coinsurance basis and credit accident and health business on a coinsurance basis. Based on the terms of the agreement, the Company holds the assets backing the reinsurer's statutory reserves. Modco reserves for annuity and US PRT business were $21.2 billion and $16.7 billion as of December 31, 2025 and 2024, respectively. Modco reserves for UK PRT business were $1.5 billion and $1.4 billion as of December 31, 2025 and 2024, respectively. Refer to Note 12 - Reinsurance for further discussion of the affiliated reinsurance agreements.

**Note 7 - Retirement Plans** 

Effective March 31, 2025, the Company terminated its qualified defined benefit pension plan. During the third quarter of 2025, all plan obligations were fully settled through lump-sum cash distributions of approximately $65.8 million to participants and the purchase of a buy-out group annuity contract totaling approximately $171.0 million. The plan's assets were held in a separate account at ANICO, for which the TDI granted approval to transfer the assets to facilitate settlement of the group annuity contract. Upon completion of the settlement, the plan's assets and liabilities were removed from the Company's balance sheet, and the Company will not recognize any future pension expense or benefit obligation.

A summary of assets, obligations and assumptions of the Pension and Other Post Retirement Benefit Plans are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Overfunded** | **Overfunded** | **Underfunded** | **Underfunded** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Change in benefit obligation** |  |  |  |  |
|  **Pension Benefits** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit obligation at beginning of year | $237238 | $268550 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Service cost | 480 | 820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest cost | 8559 | 12924 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial loss | 73 | (8657) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits paid | (256695) | (45261) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan amendments |  | 11593 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business combinations, etc | 10345 | (2730) |  |  |
|  **Benefit obligation at end of year** | **—** | **237239** | **—** | **—** |
|  **Post-retirement Benefits** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit obligation at beginning of year |  |  | 2293 | 7065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service cost |  |  |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest cost |  |  |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial gain |  |  | (29) | (4977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits paid |  |  |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Business combinations, etc |  |  | (2264) |  |
|  **Benefit obligation at end of year** | $**—** | $**—** | $**—** | $**2293** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 7 - Retirement Plans (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Pension Benefits** | **Pension Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Change in plan assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair value of plan assets at beginning of year | $531756 | $516174 | $2293 | $7065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual return on plan assets | 23473 | 62150 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employer contribution |  |  | (29) | (4863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits paid | (256228) | (44475) |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Business combinations, etc. | (299001) | (2093) | (2264) |  |
|  **Fair value of plan assets at end of year** | $**—** | $**531756** | $**—** | $**2293** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Overfunded** | **Overfunded** | **Underfunded** | **Underfunded** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Funded status** |  |  |  |  |
|  **Components** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid benefit costs | $— | $204294 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Overfunded (underfunded) plan assets |  | 90224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liability for pension benefits |  |  |  | 2293 |
|  **Assets and liabilities recognized** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets (nonadmitted) |  | 294518 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities recognized |  |  |  | 2293 |

---

A summary of various aspects of the Pension and Other Post Retirement Benefit Plans net periodic pension cost were as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
|  **Components of net periodic benefits cost** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service cost | $480 | $820 | $574 | $— | $114 | $113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest cost | 8559 | 12924 | 13621 |  | 114 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected return on plan assets | (20854) | (31454) | (27040) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of recognized gains (losses) | (2407) | (2406) |  | (29) | (4976) | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of prior service cost recognized |  | 11593 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of gain (loss) recognized due to settlement or curtailment | (80113) | (8351) |  | (2264) |  |  |
|  **Total net periodic benefit cost** | $**(94335)** | $**(16874)** | $**(12845)** | $**(2293)** | $**(4748)** | $**991** |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 7 - Retirement Plans (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
|  **Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Items not yet recognized as a component of net periodic cost- prior year | $90224 | $58813 | $(17262) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) arising during the period | 2640 | 11293 | 76075 | (2078) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) recognized | (92864) | 20118 |  |  |  |  |
|  **Items not yet recognized as a component of net periodic cost- current year** | $**—** | $**90224** | $**58813** | $**(2078)** | $**—** | $**—** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
|  **Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic pension cost** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net recognized gains (losses) | $— | $90224 | $58813 | $— | $— | $— |

---

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Weighted average assumptions used for net periodic costs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discount rate | 5.70% | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected long term rate of return on plan assets | 6.00 | 6.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rate of compensation increase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest crediting rates |  |  |

---

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Weighted average assumptions used for projected benefit obligation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discount rate | —% | 5.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Rate of compensation increase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest crediting rates |  |  |

---

The following table presents the aggregate projected benefit obligation, aggregate accumulated benefit obligation and aggregate fair value of plan assets for the defined benefit plans (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **Pension Benefits** | **Pension Benefits** | **Post-retirement Benefits** | **Post-retirement Benefits** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Projected benefits obligation | $— | $237239 | $— | $2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estimated fair value of plan assets |  | 531756 |  | 2293 |

---

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 7 - Retirement Plans (continued)** 

Information about pension plan assets:

The Company follows a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

A complete description of the input levels is shown in Note 10 - Fair Value Measurement. A brief description is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Valuation techniques based on observable market data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Valuation techniques incorporating information other than observable market data

All registered mutual fund investments are classified in Level 1 of the fair value hierarchy as quoted prices are readily available. The investments are valued at the net asset value ("NAV") of shares held by the Plan at year end. The investments are redeemable daily. The unallocated group annuity contract is valued at contract value, which approximates fair value. Contract value represents contributions made under the contracts, plus interest at the contract rate, less funds used to pay retirement benefits.

The estimated fair value of each class of defined benefit pension assets were as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $|  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** | **Level 3** |
|  **Description for each class of plan assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity securities | $1585 | $1572 | $13 | $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 315488 |  | 311406 |  | 4082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments (including cash and cash equivalents) | 214683 | 185114 | 29569 |  |  |
|  **Total plan assets** | $**531756** | $**186686** | $**340988** | **$** | **4082** |
|  |  | **December 31,** | **December 31,** |  |  |
|  |  |  |  | **Target** | **Target** |
| **Distribution of the estimated fair value of assets of the plan, by category:** |  | **2025** | **2024** | **Allocation** | **Allocation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | —% | 0.3% |  | 0%-80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  |  | 59.3 |  | 0%-100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments (including cash and cash equivalents) |  |  | 40.4 |  | 0%-100 |
|  **Total** |  | **— %** | **100.0%** |  | **100.0%** |

---

The investment policy for the plan's assets is designed to provide the highest return possible commensurate with sound and prudent underwriting practices. Any particular investment is limited based on credit quality, and no single investment is allowed to be more than 5% of the total invested assets.

The overall expected long-term rate-of-return-on-assets assumption is based upon a building-block method, whereby the expected rate of return on each asset class is broken down into three components. The three components are: (1) inflation, (2) the real risk-free rate of return (i.e. the long-term estimate of future returns on default-free U.S. government securities), and (3) the risk premium for each asset class (i.e. the expected return in excess of the risk-free rate). All three components are based primarily on historical data.

While the precise expected return derived using the above approach will fluctuate somewhat from year to year, the Company's policy is to hold this long-term assumption constant as long as it remains within a reasonable tolerance from the derived rate.

The Company estimates no contribution requirement in 2025 but may voluntarily make a contribution to reduce expenses from the Pension Benefit Guaranty Corporation insurance premium or for other reasons.

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 7 - Retirement Plans (continued)** 

For post-retirement benefits other than pensions, the health care cost trend rate is not applicable because the Company's contribution is a fixed dollar amount. The life insurance plans are non-contributory.

The Company sponsors one defined contribution plan ("401(k) plan") for all employees. The 401(k) plan allows employees to contribute up to the maximum allowable amount as determined by the IRS. The expense associated with this plan was $7.9 million for 2025, $7.9 million for 2024 and $7.3 million for 2023.

**Note 8 - Regulatory Risk-Based Capital, Capital and Surplus, and Dividend Restrictions** 

The Company has 50,000,000 shares authorized, 5,000,000 issued and outstanding as of December 31, 2025 and 2024. All shares are Class A shares, par value of $1 per share.

The State of Texas imposes minimum risk-based capital requirements that were developed by the NAIC. The formulas for determining the amount of risk-based capital specify various weighting factors that are applied to financial balances or levels of activity based on the perceived degree of risk. Companies below specific trigger points or ratios are subject to specified corrective action. As of December 31, 2025 and 2024, the Company exceeds all required risk-based capital levels.

Without prior approval of the domiciliary Commissioner, payments of dividends to stockholder in 2026 are limited to $241.8 million, an amount that is based on restrictions relating to statutory surplus. In addition, dividends cannot exceed the cumulative earned surplus of the Company as of the end of the prior year. Within these limits, dividends are paid as determined by the Board of Directors and are non-cumulative. The Company declared and paid $195.2 million of ordinary dividends to its parent in 2025 and $60.0 million of ordinary dividends in 2024.

The portion of unassigned surplus represented or reduced by each item below is as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | $— | $— |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumulative unrealized gains (losses) (net of tax expense (benefit) of $31,255 in 2025 and $18,774 in 2024) | $75649 | $76056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted asset value | 241899 | 556325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserves | 575625 | 345026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unauthorized reinsurance | 15389 | 14896 |

---

**Note 9 - Liabilities, Contingencies, and Assessments** 

The Company has unfunded commitments to limited partnerships of $143.1 million as of December 31, 2025.

The Company has access to the Federal Home Loan Bank of Dallas ("FHLB") financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements.

As of December 31, 2025, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $0.6 million and commercial mortgage loans of approximately $494.4 million were on deposit with the FHLB as collateral for borrowing. As of December 31, 2025, the collateral provided borrowing capacity of approximately $348.0 million. The deposited securities and commercial mortgage loans are included in the Company's Statutory Statement of Admitted Asset, Liabilities, and Capital and Surplus page within bonds and mortgage loans on real estate: first liens, net of allowance, respectively.

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payment of guaranty benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies operating in similar lines of business. There are currently several insurance companies in the process of liquidation or rehabilitation.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 9 - Liabilities, Contingencies, and Assessments (continued)** 

The Company, consistent with the insurance industry in general, is a defendant in various lawsuits, which may from time to time concern 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 of these lawsuits may include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing the existing litigation 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 Company's 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.

**Note 10 - Fair Value Measurement** 

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100, *Fair Value Measurements.* Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market. Active markets are defined as a market in which many transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than level 1 prices, such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active for identical or similar assets or liabilities, or other model driven inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations are generally obtained from third-party pricing services for identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs.

Level 3: Instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions in pricing the asset or liability. Pricing may also be based upon broker quotes that do not represent an offer to transact. Prices are determined using valuation methodologies such as option pricing models, discounted cash flow models and other similar techniques. Nonbinding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company's understanding of the market, and are generally considered Level 3. To the extent the internally developed valuations use significant unobservable inputs, they are classified as Level 3.

The availability of observable inputs varies by instrument. In situations where fair value is based on internally developed pricing models or inputs that are unobservable in the market, the determination of fair value requires more judgment. The degree of judgment exercised by the Company in determining fair value is typically greatest for instruments categorized in Level 3. In many instances, valuation inputs used to measure fair value fall into different levels of the fair value hierarchy. The category level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 10 - Fair Value Measurement (continued)** 

The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company gains assurance that assets and liabilities are appropriately valued through the execution of various processes and controls designed to ensure the overall reasonableness and consistent application of valuation methodologies, including inputs and assumptions, and compliance with accounting standards. For fair values received from third parties or internally estimated, the Company's processes and controls are designed to ensure that the valuation methodologies are appropriate and consistently applied, the inputs and assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded. For example, on a continuing basis, the Company assesses the reasonableness of individual fair values that have stale security prices or that exceed certain thresholds as compared to previous fair values received from valuation service providers or brokers or derived from internal models.

The following tables provides information about the estimated fair value of the Company's financial instruments and their level within the fair value hierarchy (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Estimated**<br>**Fair Value** | **Carrying**<br>**Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Net Asset**<br>**Value** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations | $12854482 | $12973584 | $36959 | $11198531 | $1618992 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | 4055609 | 4026233 |  | 461473 | 3594136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 143170 | 145487 | 3405 | 44130 | 95635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 65999 | 65999 | 47464 |  | 8958 | 9577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 4633303 | 4819723 |  |  | 4633303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and short-term investments | 5047670 | 5047254 | 4842505 | 2000 | 203165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 199614 | 199614 |  |  | 199614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 212028 | 199650 |  | 17458 | 194570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 3713131 | 3509172 |  | 68526 | 3644605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 5089281 | 5053057 | 345623 | 1960248 | 1982184 | 801226 |
|  **Total assets** | $**36014287** | $**36039773** | $**5275956** | $**13752366** | $**16175162** | $**810803** |
|  **Financial Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment contracts | $2890619 | $2920342 | $— | $— | $2890619 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 5093673 | 5057449 | 345623 | 1964640 | 1982184 | 801226 |
|  **Total liabilities** | $**7984292** | $**7977791** | $**345623** | $**1964640** | $**4872803** | $**801226** |

---

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 10 - Fair Value Measurement (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Estimated**<br>**Fair Value** | **Carrying**<br>**Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Net Asset**<br>**Value** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $11820267 | $12136781 | $40116 | $5958461 | $5821690 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 294346 | 295272 | 183156 |  | 111190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 87577 | 87444 | 68585 |  | 9365 | 9627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 4805171 | 5126934 |  |  | 4805171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and short-term investments | 2701594 | 2701252 | 2475573 | 226021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 239005 | 239005 |  |  | 239005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 253518 | 253518 |  | 39543 | 213975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 2940974 | 2951419 |  |  | 2940974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 3846231 | 3865423 | 855837 | 1305024 | 954113 | 731257 |
|  **Total assets** | $**26988683** | $**27657048** | $**3623267** | $**7529049** | $**15095483** | $**740884** |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment contracts | $429503 | $441321 | $— | $— | $429503 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 3846231 | 3865423 | 855837 | 1305024 | 954113 | 731257 |
|  **Total liabilities** | $**4275734** | $**4306744** | $**855837** | $**1305024** | $**1383616** | $**731257** |

---

The estimated fair values of the financial instruments presented above are determined by the Company using market information available as of December 31, 2025 and 2024. Considerable judgment is required to interpret market data in developing the estimates of fair value for financial instruments for which there are no available market value quotations. The estimates presented are not necessarily indicative of the amounts the Company could realize in a market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

Level 1: Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Cash included in Level 1 represents cash on hand.

Level 2: Bonds included in Level 2 are valued principally by third party pricing services using market observable inputs. Because most bonds do not trade daily, independent pricing services regularly derive fair values using recent trades of securities with similar features. When recent trades are not available, pricing models are used to estimate the fair values of securities by discounting future cash flows at estimated market interest rates. Typical inputs to models used by independent pricing services include but are not limited to benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, and industry and economic events. Additionally, for asset-backed and structured securities, valuation is based primarily on market inputs including benchmark yields, expected prepayment speeds, loss severity, delinquency rates, weighted average coupon, weighted average maturity and issuance specific information. Issuance specific information includes collateral type, payment terms of underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

Other invested assets in Level 2 include surplus notes that are valued by a third party pricing vendor using primarily observable market inputs. Observable inputs include benchmark yields, reported trades, market dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. Additionally, for residual tranches or interests, valuation may be based on market inputs including benchmark yields, expected prepayment speeds, loss severity, delinquency rates, weighted average coupon, weighted average maturity and issuance specific information. Issuance specific information includes collateral type, payment terms of underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 10 - Fair Value Measurement (continued)** 

Due to the short-term maturities of cash equivalents, short term investments, and investment income due and accrued, carrying value approximates fair value and is classified as Level 2.

Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of the Company. Separate accounts include assets for the investment funds of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders and the asset are carried at fair value. The Company's qualified pension plan investment income and investment gains and losses from these separate funds accrue to the benefit of the pension plan. The assets of these accounts are carried at fair value.

Institutional pension risk transfer products whereby the Company bears the investment risk and retains all investment experience. Depending on the separate account, the assets are carried at book value or fair value. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of the Company.

The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and fixed maturity bonds available-for-sale. Short-term investments and fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include investment funds, accrued investment income, and receivables for securities. These are not financial instruments and are not included in the quantitative disclosures of fair value hierarchy table.

Level 3: Valuation techniques for bonds and separate account assets and liabilities included in Level 3 are generally the same as those described in Level 2 except that the techniques utilize inputs that are not readily observable in the market, including illiquidity premiums and spread adjustments to reflect industry trends or specific credit-related issues. The Company assesses the significance of unobservable inputs for each security and classifies that security in Level 3 as a result of the significance of unobservable inputs.

The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan's credit quality, region, property type, lien priority, payment type and current status.

Policy loans are fully collateralized by the cash surrender value of underlying insurance policies and are valued based on the carrying value of the loan, which is determined to be its fair value, and are classified as Level 3.

Derivative assets include over the counter equity options. Certain over the counter equity options are valued using models that are widely accepted in the financial services industry. These are categorized as Level 3 as a result of the significance of non market observable inputs such as volatility and forward price/dividend assumptions. Other primary inputs include interest rate assumptions (risk-free rate assumptions), and underlying equity quoted index prices for identical or similar assets in markets that exhibit less liquidity relative to those markets.

Other invested assets include collateral loans that are carried at unpaid principal. Due to the illiquidity of these investments, these are classified as Level 3.

The carrying value of investment contracts liability is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, plus or minus interest credited, fees and charges assessed and other adjustments. The Company believes that the carrying value of investment contracts approximates fair value because the majority of these contracts' interest rates reset at anniversary. These financial liabilities are classified as Level 3 measurements.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 10 - Fair Value Measurement (continued)** 

The following table provides quantitative disclosures for the hierarchy regarding assets and liabilities reported at fair value were as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2025** | **Fair Value Measurement at December 31, 2025** | **Fair Value Measurement at December 31, 2025** | **Fair Value Measurement at December 31, 2025** | **Fair Value Measurement at December 31, 2025** |
|  | **Estimated**<br>**Fair Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Net Asset**<br>**Value** |
|  **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations | $3014 | $— | $701 | $2313 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | 1159 |  | 1159 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term investments |  |  |  |  |  |
|  **Total debt securities** | **4173** | **—** | **1860** | **2313** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 115054 | 2889 | 16530 | 95635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 57187 | 47464 |  | 146 | 9577 |
|  **Total equity securities** | **172241** | **50353** | **16530** | **95781** | **9577** |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 212027 |  | 17458 | 194569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 823443 | 3582 | 18635 |  | 801226 |
|  **Total financial assets** | $**1211884** | $**53935** | $**54483** | $**292663** | $**810803** |
|  **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | $823443 | $3582 | $18635 | $— | $801226 |
|  **Total financial liabilities** | $**823443** | $**3582** | $**18635** | $**—** | $**801226** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** |
|  | **Estimated**<br>**Fair Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Net Asset**<br>**Value** |
|  **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | $6606 | $— | $4540 | $2066 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term investments | 10 |  | 10 |  |  |
|  **Total debt securities** | **6616** | **—** | **4550** | **2066** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 23237 | 19600 |  | 3637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 78774 | 68585 |  | 562 | 9627 |
|  **Total equity securities** | **102011** | **88185** | **—** | **4199** | **9627** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 253518 |  | 39544 | 213974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 13857 |  |  | 13857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 731688 | 417 | 14 |  | 731257 |
|  **Total financial assets** | $**1107690** | $**88602** | $**44108** | $**234096** | $**740884** |
|  **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | $731688 | $417 | $14 | $— | $731257 |
|  **Total financial liabilities** | $**731688** | $**417** | $**14** | $**—** | $**731257** |

---

There were no transfers between fair value hierarchies as of December 31, 2025 and 2024.

Investments measured at net asset value are mutual investments that invest into a mixture of money market, bonds, and stocks. There are no unfunded commitments related to investment in the class. The investor may redeem the investment at any time. There are no significant restrictions on the ability to sell investment.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 10 - Fair Value Measurement (continued)** 

For assets reported at fair value using significant unobservable inputs (Level 3) during the period, a reconciliation of the beginning and ending balances, were as follows (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Issuer**<br>**credit**<br>**obligations** | **Asset-**<br>**backed**<br>**securities** |<br>**Preferred**<br>**Stocks** |<br>**Common**<br>**Stocks** |<br>**Options** | **Other**<br>**Invested**<br>**Assets** |<br>**Total** |
|  **Balance, December 31, 2023** | $— | $— | $34732 | $9764 | $217513 | $— | $262009 |
|  **Total realized and unrealized gains or (losses)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Included in net income |  |  |  |  | 133879 | (38743) | 95136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Included in surplus | (2680) |  | (1030) | (352) | (13730) |  | (17792) |
|  **Purchases and settlements/maturities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 4766 |  | 100 |  | 140447 | 52600 | 197913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | (20) |  | (203) | (47) |  |  | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Settlements/maturities |  |  |  |  | (264135) |  | (264135) |
|  Gross transfers into Level 3 |  |  |  |  |  |  |  |
|  Gross transfers out of Level 3 |  |  | (29962) | (8803) |  |  | (38765) |
|  **Balance, December 31, 2024** | $**2066** | $**—** | $**3637** | $**562** | $**213974** | $**13857** | $**234096** |
|  **Total realized and unrealized gains or (losses)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Included in net income |  |  | (162) | (38) | 106697 |  | 106497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Included in surplus | (181) |  | 11329 |  | (8742) |  | 2406 |
|  **Purchases and settlements/maturities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 505 |  | 2306 |  | 132014 |  | 134825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | (77) |  |  |  |  |  | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Settlements/maturities |  |  |  |  | (249374) |  | (249374) |
|  Gross transfers into Level 3 |  |  | 78594 |  |  |  | 78594 |
|  Gross transfers out of Level 3 |  |  | (69) | (378) |  | (13857) | (14304) |
|  **Balance, December 31, 2025** | $**2313** | $**—** | $**95635** | $**146** | $**194569** | $**—** | $**292663** |

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 11 - Change in Incurred Losses and Loss Adjustment Expenses** 

Activity in the liability for accident and health unpaid claims and claim adjustment expenses are summarized as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Balance at January 1** | $95857 | $123036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less reinsurance recoverables | 82045 | 100386 |
|  **Net beginning balance** | **13812** | **22650** |
|  **Incurred related to:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | 8276 | 15866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior year | 4647 | (14143) |
|  **Total incurred** | **12923** | **1723** |
|  **Paid related to:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | 2939 | 8195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior year | 8798 | 2366 |
|  **Total paid** | **11737** | **10561** |
|  **Net balance at December 31\*** | 14998 | 13812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus reinsurance recoverables | 47933 | 82045 |
|  **Balance at December 31** | $**62931** | $**95857** |

---

\*The net unpaid claim liability reported in this table, as of December 31 may not equal the accident and health policy and contract claims on the statutory statement of liabilities, and capital and surplus. Claim reserves are reported as part of the unpaid claim liability in the table above but are reported in the policyholder reserves on the statutory statement of liabilities, and capital and surplus.

Reserves as of January 1, 2025 were $13.8 million. As of December 31, 2025, $8.8 million has been paid for incurred losses and loss adjustment expenses attributable to insured events of prior years. Reserves remaining for prior years are now $9.7 million as a result of re-estimation of unpaid claims and claim adjustment expenses. Therefore, there has been a -$4.6 million favorable prior-year development from December 31, 2024 to December 31, 2025. There was a $14.1 million favorable prior-year development from December 31, 2023 to December 31, 2024.

Unpaid claims and claim adjustment expenses include an amount determined from individual case estimates and loss reports and an amount, based on past experience, for losses incurred but not reported. Such liabilities are based on assumptions and estimates and, while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amount provided. The methods for making such estimates and for establishing the resulting liabilities are continually reviewed and any adjustments are reflected in the period determined. The increase (decrease) is generally the result of ongoing analysis of recent loss development trends. Original estimates are increased or decreased, as additional information becomes known regarding individual claims.

There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 12 - Reinsurance** 

The Company has entered into various reinsurance contracts covering certain portions of losses in life and accident and health coverages. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the policyholder. There were no reinsurance recoverables at December 31, 2025 and 2024 that were considered by the Company to be uncollectible. No reinsurance contracts were identified which require disclosure under paragraphs 79-84 of SSAP No. 61, *Life, Deposit-Type and Accident and Health Reinsurance*.

There are no reinsurers listed as non-affiliated in Schedule S that are owned in excess of 10% or controlled, either directly or indirectly, by the Company or by any representative, officer, trustee, or director of the Company. The Company has reinsurance agreements in place with several reinsurance companies that are producer-owned, usually by car dealerships. The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium. The Company does not have any reinsurance agreements in effect such that the amount of losses paid or accrued through the settlement date may result in a payment to the reinsurer of amounts that exceed the total direct premium collected under the reinsured policies.

The estimated amount of the aggregate reduction in surplus of termination of all reinsurance agreements, by either party, as of December 31, 2025 is $687 million. There were no new agreements executed, nor amendments to existing agreements, since January 1 that include policies or contracts that were in force or which had existing reserves established by the Company as of the effective date of the agreement, other than as described below for the excess of loss agreement executed on November 14, 2025.

On March 1, 2024, the Company, entered into a series of transactions with Core Specialty Insurance Holdings, Inc. ("Core Specialty") for the transfer of Specialty Markets Group ("SMG") business to Core Specialty. The prospective quota share reinsurance agreement with Core Specialty reinsures 100% of the Company's SMG business (net of applicable reinsurance) commencing January 1, 2024 until such time that necessary product filings have been approved and Core Specialty is writing SMG new and renewal business. The Company ceded $133.7 million to Starstone National Insurance Company, an affiliate of Core Specialty, as an initial reinsurance premium under the quota share reinsurance agreement.

In 2022, the Company entered into a reinsurance agreement with the affiliated company Freestone Re Ltd. ("Freestone") (the "Original 2022 Coinsurance Agreement"), under which the Company ceded approximately $10.1 billion of annuity reserves on a modified coinsurance basis and credit accident and health business on a coinsurance basis. In December 2023, the Company signed a coinsurance agreement effective as of December 31, 2023 under which the Company ceded approximately an additional $1.1 billion of in-force annuity reserves on a modified coinsurance basis (the "2023 Coinsurance Agreement"). In 2024, the Company amended the Original 2022 and 2023 Coinsurance Agreements, under which the Company ceded approximately $3 billion of additional in-force and new annuity and single premium immediate annuity reserves on a modified coinsurance basis and certain annuity and structured settlement policies issued from January 1, 2024 forward on a modified coinsurance basis.

In 2024, the Company also entered into a reinsurance agreement with Freestone, under which the Company ceded approximately $0.8 billion of certain in-force and new PRT on a modified coinsurance basis (the "PRT Modco Agreement").

In December 2024, the Company assumed certain bulk UK annuity and buy-out policies from Just Retirement Limited ("PRT UK Griffin"). The Company agreed to retrocede 100% of the obligations to Freestone under the terms of the existing PRT Modco Agreement. Based on the terms of those agreements, the Company holds the assets backing the reinsurer's statutory reserves.

In August 2024, the Company entered into a coinsurance agreement with RGA Life and Annuity Insurance Company to reinsure approximately $3.4 billion of life reserves, effective July 1, 2024. This agreement resulted in a $876.4 million deferred gain at treaty inception.

As of October 1, 2025, the Company entered into a reinsurance agreement with Dai-Ichi Frontier Life Insurance Co, LTD., under which the Company assumed annuity contracts on a flow basis. Total deposits during 2025 totaled $59.6 million.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 12 - Reinsurance (continued)** 

On November 14, 2025, the Company signed an excess of loss reinsurance agreement with Hannover Life Reassurance Company of America (Bermuda) Ltd. and, subject to a permitted practice, recognized an admitted asset related to the notional value of coverage. The agreement, associated with a closed block of life insurance policies, has a 20-year term and provides coverage to the Company for aggregate claims incurred during the agreement term that exceed an attachment point. The amount of the asset subject to this permitted practice is defined in Note 1.

On December 23, 2025, the Company signed an agreement effective November 14, 2025, with Nationwide Life and Annuity Insurance Company to assume on a modified coinsurance basis a group annuity contract. The Company paid an initial ceding commission of $22.4 million at treaty inception. Total assets held by Nationwide in the modco portfolio are $160.8 million as of December 31, 2025.

**Note 13 - Life and Health Insurance Reserves** 

**Reserves** 

Reserves for individual medical expense plans for claims incurred but not reported are calculated using a retrospective, lag study methodology. Explicit margins for adverse deviation and loss adjustment expense are added to the net reserve. Incurred but not reported and in course of settlement reserves are calculated from expected claims adjusted for experience. Reserves for amounts incurred but not yet due for disabled lives are calculated on a present value basis using prescribed tables. The liabilities for the Managing General Underwriter ("MGU") business were calculated using estimated ultimate loss ratios for each underwriting year for each MGU. For older underwriting years, this method is supplemented by premium and claim completion factors which are used to estimate when premiums and claims are expected to be complete for a given underwriting year. Liabilities calculated by the MGU's were also considered in each case where they were available.

For interest sensitive life products, policies issued after 1995 were valued using the Commissioners' Reserve Valuation Method ("CRVM") along with prescribed mortality and valuation interest rates. Reserves for policies issued before 1996 equal gross account value plus the mortality reserve for unearned cost of insurance deductions. Where applicable, an excess interest reserve is also held for current interest rates guaranteed for periods beyond the valuation date. In the case of our Universal Life with Secondary Guarantees, Actuarial Guideline XXXVIII is applied.

For all traditional ordinary and industrial business, reserves are at least equal to the minimum valuation standard. Various valuation methods, including net level, full preliminary term, and the CRVM are used along with prescribed mortality and valuation interest rates.

The Company waives deduction of deferred fractional premiums upon death of insured and returns any portion of the final premium beyond the date of death. Surrender values are not promised in excess of the legally computed reserves.

Beginning January 1, 2019, the Company implemented Principles Based Reserves for the Term and Universal Life with Secondary Guarantees business. Beginning January 1, 2020, all other life business was subject to Principles Based Reserves; however, per the requirements of the Valuation Manual, the reserve methods continue to be consistent with those described above.

Reserves on individual interest sensitive annuities issued in 1996 and later as well as on the 1993 series of deferred annuity products are calculated according to the Commissioners' Annuity Reserve Valuation Method ("CARVM") adjusted to reflect Actuarial Guideline 33. Reserves for equity indexed annuities are calculated based on CARVM with Market Value Reserve Method ("MVRM"), Actuarial Guideline 35, and an interest rate which will vary by contract issue date. Reserves for other interest sensitive annuities and deposit-type funds are generally equal to gross account values plus, where applicable, an excess interest reserve for current interest rates guaranteed for periods beyond the valuation date. Reserves for immediate annuities are calculated according to CARVM and an interest rate which will vary by issue date, and VM-22 requires consideration of additional characteristics, such as issue age, in determining the rate for 2018 and later issues. General account reserves for retail variable annuities are valued under Principles-Based Reserves following VM-21.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 13 - Life and Health Insurance Reserves (continued)** 

**Reserves (continued)** 

Extra premiums for substandard lives are based on appropriate multiples of standard mortality. Mean reserves are calculated from tables based on 150% of standard mortality. In addition, one-half of the premium, if any, in excess of that 250% mortality is added to reserve. Extra premiums for occupational hazards are calculated as a flat charge; mean reserves include 50% of such extra premiums.

The tabular interest, tabular less actual reserves released and tabular cost items were completed by the formulas in the SAP instructions. The tabular interest on funds not involving life contingencies were determined from the basic data.

As of December 31, 2025 and 2024, the Company had $1.7 billion and $1.8 billion, respectively, of insurance in force for which the gross premiums are less than the net premiums according to valuation standards.

**Analysis of Annuity Actuarial Reserves and Deposit-Type Liabilities by Withdrawal Characteristics** 

Information regarding the analysis of annuity actuarial reserves, and deposit liabilities and withdrawal characteristics was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **% of Total** | **2024** | **% of Total** |
|  **Subject to discretionary withdrawal:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; With market adjustment | $19083551 | 57.8% | $14060109 | 57.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; At book value less current surrender charge of 5% or more | 2251152 | 6.8 | 1827006 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; At fair value | 499558 | 1.5 | 1468424 | 6.0 |
|  **Total adjustment or at market value** | **21834261** | **66.1** | **17355539** | **70.5** |
| &nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | 2715136 | 8.2 | 3098221 | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | 8479066 | 25.7 | 4150842 | 16.9 |
|  **Total (gross)** | **33028463** | **100.0%** | **24604602** | **100.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |
|  **Total (net)** | $**33028463** |  | $**24604602** |  |
|  | **December 31,** | **December 31,** | **December 31,** |  |
|  | **2025** |  | **2024** |  |
|  **Life and accident and health annual statement:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, annuities section, total (net) | $24343436 |  | $19223044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, supplementary contracts with life contingencies section, total (net) | 477 |  | 502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 7, deposit-type contracts, line 14, column 1 | 2920342 |  | 485833 |  |
|  **Subtotal** | **27264255** |  | **19709379** |  |
|  **Separate accounts annual statement:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSARP reserves for annuities and supplemental contracts | $22467 |  | $553507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANVAN reserves for policies and deposit funds | 41158 |  | 39830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANGUA reserves for policies and deposit funds | 435932 |  | 389288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GAC reserves for policies and deposit funds | 3929667 |  | 2672185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffin reserves for policies and deposit funds | 1334984 |  | 1240157 |  |
|  **Subtotal** | **5764208** |  | **4894967** |  |
|  **Total** | $**33028463** |  | $**24604346** |  |

---

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 13 - Life and Health Insurance Reserves (continued)** 

**Analysis of Life Actuarial Reserves by Withdrawal Characteristics** 

Information regarding the analysis of life actuarial reserves by withdrawal characteristics was as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **General Account** | **General Account** | **General Account** | **Separate Account-Guaranteed** | **Separate Account-Guaranteed** | **Separate Account-Guaranteed** |
|  | **Amount** | **Cash Value** | **Reserve** | **Amount** | **Cash Value** | **Reserve** |
|  **Subject to discretionary withdrawal, surrender values, or policy loans:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life | $805941 | $772484 | $800963 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life with secondary guarantees | 176009 | 106137 | 1265660 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indexed universal life | 954378 | 803927 | 889877 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indexed universal life with secondary guarantees | 12762 | 4293 | 10334 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other permanent cash value life insurance | 1882137 | 1882137 | 2092064 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable universal life | 38552 | 38419 | 42184 | 324136 | 322969 | 324136 |
|  **Not subject to discretionary withdrawal or no cash values:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies without cash value |  |  | 965105 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits |  |  | 10095 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives |  |  | 14378 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives |  |  | 30931 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves |  |  | 54319 |  |  |  |
|  **Total (gross: direct + assumed)** | $**3869779** | $**3607397** | **6175910** | $**324136** | $**322969** | **324136** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  | 3982598 |  |  |  |
|  **Total (net)** |  |  | $**2193312** |  |  | $**324136** |
|  **Life and accident and health annual statement:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, life |  |  | $2149776 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, accidental death benefits |  |  | 9842 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, disability - active lives |  |  | 7145 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, disability - disabled lives |  |  | 22402 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, miscellaneous reserves |  |  | 4147 |  |  |  |
|  **Subtotal** |  |  | $**2193312** |  |  |  |
|  **Separate accounts statement:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANVUL reserves for policies |  |  | $324136 |  |  |  |
|  **Subtotal** |  |  | **324136** |  |  |  |
|  **Combined total** |  |  | $**2517448** |  |  |  |

---

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 13 - Life and Health Insurance Reserves (continued)** 

**Analysis of Life Actuarial Reserves by Withdrawal Characteristics (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **General Account** | **General Account** | **General Account** | **Separate Account-Guaranteed** | **Separate Account-Guaranteed** | **Separate Account-Guaranteed** |
|  | **Amount** | **Cash Value** | **Reserve** | **Amount** | **Cash Value** | **Reserve** |
|  **Subject to discretionary withdrawal, surrender values, or policy loans:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life | $831650 | $796729 | $831183 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life with secondary guarantees | 172308 | 92633 | 1143432 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indexed universal life | 839831 | 682484 | 765427 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indexed universal life with secondary guarantees | 7810 | 3545 | 4924 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other permanent cash value life insurance | 1902669 | 1902669 | 1933011 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable universal life | 39018 | 39018 | 43522 | 302138 | 302138 | 302138 |
|  **Not subject to discretionary withdrawal or no cash values:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies without cash value |  |  | 1155446 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits |  |  | 11293 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives |  |  | 14470 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives |  |  | 34578 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves |  |  | 47044 |  |  |  |
|  **Total (gross: direct + assumed)** | $**3793286** | $**3517078** | **5984330** | $**302138** | $**302138** | **302138** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  | 3788905 |  |  |  |
|  **Total (net)** |  |  | $**2195425** |  |  | $**302138** |
|  **Life and accident and health annual statement:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, life |  |  | $2145236 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, accidental death benefits |  |  | 10999 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, disability - active lives |  |  | 7689 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, disability - disabled lives |  |  | 25857 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 5, miscellaneous reserves |  |  | 5643 |  |  |  |
|  **Subtotal** |  |  | $**2195424** |  |  |  |
|  **Separate accounts statement:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 3, line 0199999, column 2 |  |  | $302138 |  |  |  |
|  **Subtotal** |  |  | **302138** |  |  |  |
|  **Combined total** |  |  | $**2497562** |  |  |  |

---

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 13 - Life and Health Insurance Reserves (continued)** 

**Premium and Annuity Considerations Deferred and Uncollected** 

Deferred and uncollected life insurance premiums and annuity consideration were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Gross** | **Net of loading** | **Gross** | **Net of loading** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary new business | $6081 | $(253) | $6403 | $(15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary renewal | 63145 | 40223 | 79468 | 50097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | (837) | (862) | (1684) | (1719) |
|  **Total** | $**68389** | $**39108** | $**84187** | $**48363** |

---

**Separate Accounts** 

The Company maintains six distinct Separate Accounts. The American National Separate Account for Retirement Plans ("ANSARP") represents funds dedicated to support the Company's retirement plans. The American National Variable Universal Life ("ANVUL") Separate Account represents funds invested for the benefit of variable life policyholders. The American National Variable Annuity ("ANVAN") and the American National Group Unallocated Annuity ("ANGUA") Separate Accounts represent funds for variable annuity and group unallocated annuity policyholders, respectively. The assets of the aforementioned Separate Accounts are carried at their market value and the investment performance is non-guaranteed. The Group Annuity Commingled ("GAC") Separate Account represents funds to support annuities payable under a number of group fixed annuity contracts issued to various employers for their pension plans. The GAC's liabilities are supported by the Separate Account and guaranteed by the Company's General Account. The GAC's assets are valued at book value.

The American National Non-US Separate Account and the JRL Sub-Account of such Separate Account represent funds supporting an international pension risk transfer collateralized reinsurance transaction between ANICO and a non-U.S. cedant. Premium for the business assumed under the collateralized reinsurance transaction is allocated to the JRL Sub-Account. ANICO allocates the collateral to the JRL Sub-Account via two investment vehicle subsidiaries, Griffin Topco LLC ("Topco") and Griffin Subco LLC ("Subco"), formed for purposes of the transaction. ANICO directly owns 100% of the membership interest in Topco and Topco owns 100% of the membership interests in Subco. To secure ANICO's obligations under the transaction, ANICO pledged to the cedant its membership interest in Topco, Topco pledged to cedant its membership interest in Subco, and Topco and Subco each entered into a trust agreement and deposited collateral contributed by ANICO into trust accounts established with a third party bank, acting as trustee. The cedant is the beneficiary of the trust accounts and has the right to withdraw the collateral in accordance with the reinsurance transaction agreement and the trust agreements.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**NOTES TO STATUTORY FINANCIAL STATEMENTS** 

**Note 13 - Life and Health Insurance Reserves (continued)** 

**Separate Accounts (continued)** 

Information regarding the Separate Accounts of the Company is as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Premiums, considerations or deposits** | $1384820 | $3201494 |
|  **Reserves at December 31:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For accounts with assets at fair value | 6088344 | 5224760 |
| &nbsp;&nbsp;&nbsp;&nbsp; By withdrawal characteristics: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to discretionary withdrawal | 823693 | 1284764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | 5264651 | 3939996 |
|  **Reconciliation of net transfers to (from) separate accounts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers as reported in the summary of operations of the: |  |  |
|  **Separate accounts statement:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers to separate accounts | 1367542 | 3201494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers from separate accounts | 1102612 | 6536 |
|  **Net transfers to (from) separate accounts** | **264930** | **3194958** |
|  **Reconciling adjustments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General insurance expenses charged to separate accounts | 9026 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserve transfer | 59061 | (140389) |
|  **Net transfers to (from) separate accounts** | $**333017** | $**3055301** |

---

**Note 14 - Events Subsequent** 

Subsequent events have been considered through April 24, 2026, the date the accompanying statutory financial statements were available to be issued.

On March 31, 2026, ANGI contributed the stock of ANTAC, LLC a Texas limited company to the Company.

On April 1, 2026, the Company paid a $30.0 million ordinary dividend to its parent ANGI.

On April 9, 2026, the Company announced it would no longer offer products through its Career Sales & Service Division, thereby completing the Company's exit from life insurance sales.

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE I – SELECTED FINANCIAL DATA** 

**(In Thousands)** 

**Schedule I** 

**Page 1 of 4** 

The following is a summary of certain financial data included in other exhibits and schedules subjected to audit procedures by independent auditors and utilized by actuaries in the determination of reserves for the year ended December 31, 2025.

---

| | |
|:---|:---|
|  | $— |
|  **Investment income earned:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. governments | $2638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds exempt from U.S. tax |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other bonds (unaffiliated) | 545590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds of affiliates | 216261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks (unaffiliated) | 11286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks of affiliates | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks (unaffiliated) | 12945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks (affiliates) | 56860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 284801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 49518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and short-term investments | 142215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium notes, policy loans and liens | 17617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 192859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggregate write-ins for investment income |  |
|  **Gross investment income** | $**1538252** |
|  **Real estate owned – carrying value less encumbrances** | $**259035** |
|  **Mortgage loans – carrying value:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farm mortgages | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | 265237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | 4554486 |
|  **Total mortgage loans** | $**4819723** |
|  **Mortgage loans by standing – carrying value:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing | $4693515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing with restructured terms | 38500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest overdue more than three months, not in foreclosure | 75005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreclosure in progress | 12703 |
|  **Other long-term assets – carrying value** | $**3725866** |

---

*See accompanying independent auditor's report.* 

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##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE I – SELECTED FINANCIAL DATA** 

**(In Thousands)** 

**Schedule I** 

**Page 2 of 4** 

---

| | |
|:---|:---|
|  | $— |
|  **Bonds and stocks of parents, subsidiaries and affiliates – carrying value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $2649285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 796552 |
|  **Bonds, short-term investments, and cash equivalents by class and maturity:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bonds by maturity – carrying value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due within one year or less | $4127762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 1 year through 5 years | 7685661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 5 years through 10 years | 5918667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 10 years through 20 years | 1354824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 20 years | 1354576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No maturity date |  |
|  **Total by maturity** | $**20441489** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bonds by class – carrying value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $12954628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 5643333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 1743172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 77346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 5 | 19797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 6 | 3212 |
|  **Total by class** | $**20441489** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds publicly traded | $11582321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds privately traded | 8859168 |
|  Preferred stocks – carrying value | $145487 |
|  Common stocks – market value | 862551 |
|  Short-term investments – carrying value | $205173 |
|  Options, caps and floors owned – carrying value | 199650 |
|  Options, caps and floors written and in force – carrying value |  |
|  Collar, swap and forward agreements open – carrying value |  |
|  Future contracts open – current price |  |
|  Cash on Deposit | 30713 |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE I – SELECTED FINANCIAL DATA** 

**(In Thousands)** 

**Schedule I** 

**Page 3 of 4** 

---

| | |
|:---|:---|
|  | $— |
|  **Life insurance in force:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | $110001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | 13655098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit life | 181864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | 511789 |
|  **Amount of accidental death insurance in force under ordinary policies:** | $**4549153** |
|  **Life insurance policies with disability provisions in force:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | 54995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit life |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | 2685 |
|  **Supplementary contract in force:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary – not involving life contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount on deposit | $4378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income payable | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary – involving life contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income payable | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group – not involving life contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount on deposit |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income payable |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group – involving life contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income payable |  |
|  **Annuities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ordinary:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immediate – amount of income payable | $218473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred – fully paid account balance | 21313398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred – not fully paid – account balance | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Group:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of income payable | $35229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fully paid account balance | 680030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not fully paid – account balance |  |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE I – SELECTED FINANCIAL DATA** 

**(In Thousands)** 

**Schedule I** 

**Page 4 of 4** 

---

| | |
|:---|:---|
|  | $— |
|  **Accident and health insurance – premiums in force:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | $4559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit | 3270 |
|  **Deposit funds and dividend accumulations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit funds – account balance | $2503134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend accumulations – account balance | 12726 |
|  **Claim payments made during 2025:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Group accident and health** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior | 4573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other accident and health** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | (5788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior | 15887 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit accident and health:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior | 3400 |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE II – SUMMARY INVESTMENT SCHEDULE** 

**(In Thousands)** 

**Schedule II** 

**Page 1 of 2** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Gross investment holding** | **Gross investment holding** | **Admitted assets as reported**<br>**in the annual statement** | **Admitted assets as reported**<br>**in the annual statement** |
|  | **Amount** | **Percentage** | **Amount** | **Percentage** |
|  **Issuer credit obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government obligations | $37404 | 0.1% | $37404 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other U.S. government obligations | 2900 |  | 2900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. sovereign jurisdiction securities | 51695 | 0.2 | 51695 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds – general obligations (direct & guaranteed) | 27838 | 0.1 | 27838 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds – special revenue | 133096 | 0.4 | 133096 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 11667114 | 36.2 | 11667114 | 36.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Single entity backed obligations | 630155 | 2.0 | 630155 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | 302767 | 0.9 | 302767 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loans - issued | 103115 | 0.3 | 103115 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgages loans that qualify as SVO-Identified credit tenant loans | 17501 | 0.1 | 17501 | 0.1 |
|  **Total issuer credit obligations** | **12973585** | **40.3** | **12973585** | **40.3** |
|  **Asset-backed securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial asset-backed securities – self-liquidating | 1391320 | 4.3 | 1391320 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial asset-backed securities – not self-liquidating | 2144862 | 6.7 | 2144862 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-financial asset-backed securities | 490050 | 1.5 | 490050 | 1.5 |
|  **Total asset-backed securities** | **4026232** | **12.5** | **4026232** | **12.5** |
|  **Preferred stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous (Unaffiliated) | 144377 | 0.4 | 144377 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parent, subsidiaries and affiliates | 1110 |  | 1110 |  |
|  **Total preferred stocks** | **145487** | **0.4** | **145487** | **0.4** |
|  **Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous – publicly traded (unaffiliated) | 47464 | 0.1 | 47464 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous – other (unaffiliated) | 8958 |  | 8958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Parent, subsidiaries and affiliates – other | 796552 | 2.5 | 791229 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual funds | 9577 |  | 9577 |  |
|  **Total common stocks** | **862551** | **2.6** | **857228** | **2.6** |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE II – SUMMARY INVESTMENT SCHEDULE** 

**(In Thousands)** 

**Schedule II** 

**Page 2 of 2** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  **Mortgage loans** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | 265237 | 0.8 | 265237 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine real estate loans | 4404588 | 13.7 | 4404588 | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total valuation allowance | 149898 | 0.5 | 149898 | 0.5 |
|  **Total mortgage loans** | **4819723** | **15.0** | **4819723** | **15.0** |
|  **Real estate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Properties occupied by company | 64224 | 0.2 | 64224 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Properties held for production of income | 194811 | 0.6 | 194811 | 0.6 |
|  **Total real estate** | **259035** | **0.8** | **259035** | **0.8** |
|  **Cash, cash equivalents and short term investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 30723 | 0.1 | 30723 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents | 4811359 | 14.9 | 4811359 | 14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short term investments | 205173 | 0.6 | 205173 | 0.6 |
|  **Total cash, cash equivalents and short term investments** | **5047254** | **15.6** | **5047254** | **15.6** |
|  **Other** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 200354 | 0.6 | 199614 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 199650 | 0.6 | 199650 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 3732204 | 11.6 | 3725866 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for securities | 657 |  | 657 |  |
|  **Total invested assets** | $**32266733** | **100.0%** | $**32254333** | **100.0%** |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE III – SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES** 

**(In Thousands)** 

**Schedule III** 

**Page 1 of 6** 

---

| | |
|:---|:---|
|  1 Reporting entity's total admitted assets are reported on Page 2 of this annual statement. | $33608991 |
|  2 Ten largest exposures to a single issuer/borrower/investment: |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issuer** | **Description of Exposure** | **Amount** | **Percentage of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Admitted** <br> **Assets** |
| American National Group, LLC | Bonds | $1300193 | 3.9% |
| Chamberlain Blane 2023-1 LLC | Other Invested Assets | &nbsp;&nbsp;&nbsp;&nbsp;614892 | 1.8 |
| Sonar BSREP IV Holdings 2025 LP | Other Invested Assets | &nbsp;&nbsp;&nbsp;&nbsp;519745 | 1.5 |
| Primary Wave | Bonds | &nbsp;&nbsp;&nbsp;&nbsp;453412 | 1.3 |
| PW Publishing Partners, LLC | Bonds and Other Invested Assets | &nbsp;&nbsp;&nbsp;&nbsp;359452 | 1.1 |
| Dupre 2022-1 Ltd | Bonds and Other Invested Assets | &nbsp;&nbsp;&nbsp;&nbsp;272712 | 0.8 |
| Citigroup Inc. | Bonds | &nbsp;&nbsp;&nbsp;&nbsp;202118 | 0.6 |
| Brookfield Securitization CFO Inc. | Bonds | &nbsp;&nbsp;&nbsp;&nbsp;202000 | 0.6 |
| Bpy Bermuda Holdings Limited | Bonds | &nbsp;&nbsp;&nbsp;&nbsp;184667 | 0.5 |
| Brookfield Bpy Holdings Inc. | Bonds | &nbsp;&nbsp;&nbsp;&nbsp;184654 | 0.5 |

---

---

| | |
|:---|:---|
| 3 | Amounts and percentages of the reporting entity's total admitted assets held in bonds and preferred stocks by NAIC designation:  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bonds** | **Amount** | **Percentage** | **Preferred Stocks** | **Amount** | **Percentage**  |
| NAIC-1 | $12954628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.5% | P/RP-1 | $29913 | 0.1% |
| NAIC-2 | 5643333 | 16.8 | P/RP-2 | 44860 | 0.1 |
| NAIC-3 | 1743172 | 5.2 | P/RP-3 |  |  |
| NAIC-4 | 77346 | 0.2 | P/RP-4 | 65339 | 0.2 |
| NAIC-5 | 19797 | 0.1 | P/RP-5 | 5376 |  |
| NAIC-6 | 3212 |  | P/RP-6 |  |  |

---

4 Assets held in foreign investments:

---

| | | |
|:---|:---|:---|
| 4.01 | &nbsp;&nbsp;&nbsp;&nbsp; Are assets held in foreign investments less than 2.5% of the reporting entity's total admitted assets? | No |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 4.01 above is yes, responses are not required for interrogatories 5 - 10. |  |

---

---

| | | |
|:---|:---|:---|
|  | $nan<br> **Amount** | $nan<br> **Percentage** |
|  Total admitted assets held in foreign investments | $3131705 | 9.3% |
|  Foreign-currency-denominated investments | $315389 | 0.9 |
|  Insurance liabilities denominated in that same foreign currency |  |  |

---

5 Aggregate foreign investment exposure categorized by NAIC sovereign designation:

---

| | | |
|:---|:---|:---|
|  | $nan<br> **Amount** | $nan<br> **Percentage** |
|  Countries designated NAIC-1 | $3112368 | 9.3% |
|  Countries designated NAIC-2 | 11 |  |
|  Countries designated NAIC-3 or below | 19311 | 0.1 |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE III – SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES** 

**(In Thousands)** 

**Schedule III** 

**Page 2 of 6** 

6 Largest foreign investment exposures by country, categorized by the country's NAIC sovereign designation:

---

| | | |
|:---|:---|:---|
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  Countries designated NAIC - 1: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 1: UNITED KINGDOM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677026 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 2: CAYMAN ISLANDS | 653786 | 1.9 |
|  Countries designated NAIC - 2: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 1: MEXICO | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 2: |  |  |
|  Countries designated NAIC - 3 or below: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country1: BARBADOS | 19311 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 2: |  |  |
| &nbsp;&nbsp;&nbsp; 7 Aggregate unhedged foreign currency exposure | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | — % |
| &nbsp;&nbsp;&nbsp; 8 Aggregate unhedged foreign currency exposure categorized by NAIC sovereign designation: |  |  |
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  Countries designated NAIC-1 | $— | — % |
|  Countries designated NAIC-2 |  |  |
|  Countries designated NAIC-3 or below |  |  |
| &nbsp;&nbsp;&nbsp; 9 Largest unhedged foreign currency exposures by country, categorized by the county's NAIC sovereign designation: | &nbsp;&nbsp;&nbsp; 9 Largest unhedged foreign currency exposures by country, categorized by the county's NAIC sovereign designation: | &nbsp;&nbsp;&nbsp; 9 Largest unhedged foreign currency exposures by country, categorized by the county's NAIC sovereign designation: |
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  Countries designated NAIC - 1: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 1: | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 2: |  |  |
|  Countries designated NAIC - 2: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 1: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 2: |  |  |
|  Countries designated NAIC - 3 or below: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 1: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Country 2: |  |  |
| &nbsp;&nbsp;&nbsp; 10 Ten largest non-sovereign (i.e. non-governmental) foreign issues: | &nbsp;&nbsp;&nbsp; 10 Ten largest non-sovereign (i.e. non-governmental) foreign issues: | &nbsp;&nbsp;&nbsp; 10 Ten largest non-sovereign (i.e. non-governmental) foreign issues: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issuer** | **NAIC Designation** | **Amount** | **Percentage** |
|  DUPRE 2022-1 LTD | 1.D | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272712 | 0.8% |
|  UBS Group AG | 1.A | 167013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
|  BYLSMA 2022-1, LTD. | 1.D | 164875 | 0.5 |
|  77G Propco Limited | 1.D | 151991 | 0.5 |
|  CASALS 2022-1, LTD. | 1.D | 141983 | 0.4 |
|  BNP Paribas SA | 1.E | 131957 | 0.4 |
|  BRE COLOMBIA HOLDINGS LIMITED | 1.F | 98038 | 0.3 |
|  Credit Agricole SA London Branch | 1.D | 73669 | 0.2 |
|  NatWest Group plc | 1.D | 73214 | 0.2 |
|  Lloyds Banking Group plc | 1.D | 70964 | 0.2 |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE III – SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES** 

**(In Thousands)** 

**Schedule III** 

**Page 3 of 6** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 11 Amounts of percentages of the reporting entity's total admitted assets held in Canadian investments and unhedged Canadian currency exposure: |  |
| 11.01 Are assets held in Canadian investments less than 2.5% of the reporting entity's total admitted assets? | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 11.01 is yes, detail is not required for the remainder of interrogatory 11. |  |

---

---

| | | |
|:---|:---|:---|
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  Total admitted assets held in Canadian investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423738 | 4.2% |
|  Canadian-currency-denominated investments | $314494 | 0.9 |
|  Canadian-denominated insurance liabilities |  |  |
|  Unhedged Canadian currency exposure |  |  |
| &nbsp;&nbsp;&nbsp; 12 Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments with contractual sales restrictions: | &nbsp;&nbsp;&nbsp; 12 Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments with contractual sales restrictions: |  |
| 12.01 Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity's total admitted assets? | 12.01 Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity's total admitted assets? | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 12.01 is yes, responses are not required for the remainder of Interrogatory 12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 12.01 is yes, responses are not required for the remainder of Interrogatory 12. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments with contractual sales restrictions. Largest three investments with contractual sales restrictions: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments with contractual sales restrictions. Largest three investments with contractual sales restrictions: |  |
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | — % |
| &nbsp;&nbsp;&nbsp; 13 Amounts and percentages of admitted assets held in the ten largest equity interests: | &nbsp;&nbsp;&nbsp; 13 Amounts and percentages of admitted assets held in the ten largest equity interests: |  |
| 13.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | 13.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 13.01 above is yes, responses are not required for the remainder of Interrogatory 13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 13.01 above is yes, responses are not required for the remainder of Interrogatory 13. |  |
| **Issuer** | **Amount** | **Percentage** |
|  | $— | — % |
| &nbsp;&nbsp;&nbsp; 14 Amounts and percentages of the reporting entity's total admitted assets held in nonaffiliated, privately placed equities: | &nbsp;&nbsp;&nbsp; 14 Amounts and percentages of the reporting entity's total admitted assets held in nonaffiliated, privately placed equities: |  |
| 14.01 Are assets held in nonaffiliated, privately places equities less than 2.5% of the reporting entity's total admitted assets? | 14.01 Are assets held in nonaffiliated, privately places equities less than 2.5% of the reporting entity's total admitted assets? | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 14.01 above is yes, responses are not required for the remainder of Interrogatory 14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 14.01 above is yes, responses are not required for the remainder of Interrogatory 14. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in nonaffiliated, privately placed equities. Largest three investments held in nonaffiliated, privately placed equities: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in nonaffiliated, privately placed equities. Largest three investments held in nonaffiliated, privately placed equities: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in nonaffiliated, privately placed equities. Largest three investments held in nonaffiliated, privately placed equities: |
|  | **Amount** | **Percentage** |
|  | $— | — % |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE III – SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES** 

**(In Thousands)** 

**Schedule III** 

**Page 4 of 6** 

Ten largest fund managers:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Manager** | **Total Invested** | **Total Invested** | **Diversified** | **Diversified** | **Nondiversified** |
|  Bank of NY | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092821 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092821 | $— |
|  Invesco |  | 189309 |  | 189309 |  |
|  Morgan Stanley |  | 112729 |  | 112729 |  |
|  American Funds |  | 4525 |  | 4525 |  |
|  Fidelity |  | 3099 |  | 3099 |  |
|  Vangaurd |  | 1529 |  | 1529 |  |
|  T.Rowe Price |  | 351 |  | 351 |  |
|  JPMorgan |  | 69 |  | 69 |  |
|  Dodge & Cox |  | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp; 15 Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests: | &nbsp;&nbsp;&nbsp; 15 Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests: | &nbsp;&nbsp;&nbsp; 15 Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests: | &nbsp;&nbsp;&nbsp; 15 Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests: | &nbsp;&nbsp;&nbsp; 15 Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests: |  |
| 15.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | 15.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | 15.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | 15.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | 15.01 Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets? | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in general partnership interests. Largest three investments in general partnership interests: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in general partnership interests. Largest three investments in general partnership interests: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in general partnership interests. Largest three investments in general partnership interests: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in general partnership interests. Largest three investments in general partnership interests: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate carrying value of investments held in general partnership interests. Largest three investments in general partnership interests: |  |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | — % |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 16 Amounts and percentages of the reporting entity's total admitted assets held in mortgage loans: |  |
| 16.01 Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity's total admitted assets? | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 16.01 above is yes, responses are not required for the remainder of Interrogatory 16 and Interrogatory 17. |  |

---

---

| | | |
|:---|:---|:---|
| **Type (Residential, Commercial, Agricultural)** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  Commercial | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151991 | 0.5% |
|  Residential | 117763 | 0.4 |
|  Commercial | 93282 | 0.3 |
|  Commercial | 91160 | 0.3 |
|  Commercial | 70961 | 0.2 |
|  Residential | 70892 | 0.2 |
|  Commercial | 70458 | 0.2 |
|  Commercial | 68000 | 0.2 |
|  Commercial | 65478 | 0.2 |
|  Residential | 60225 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans:<br>|  |  |
|  | **Amount** | **Percentage** |
|  Construction loans | $422926 | 1.3% |
|  Mortgage loans over 90 days past due | 87708 | 0.3 |
|  Mortgage loans in the process of foreclosure | 12703 |  |
|  Mortgage loans foreclosed | 77121 | 0.2 |
|  Restructured mortgage loans | 38500 | 0.1 |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE III – SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES** 

**(In Thousands)** 

**Schedule III** 

**Page 5 of 6** 

17 Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | $— |  | $— |  | $— |  |
| | **Residential** | **Residential** | **Commercial** | **Commercial** | **Agricultural** | **Agricultural** |
| <br>**Loan to Value** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  above 95% | $— | — % | $40707 | 0.1% | $— | — % |
|  91 to 95% |  |  | 25288 | 0.1 |  |  |
|  81 to 90% |  |  | 268174 | 0.8 |  |  |
|  71 to 80% |  |  | 328434 | 1 |  |  |
|  below 70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 18 Amounts and percentages of the reporting entity's total admitted assets held in each of the five largest investments in real estate: |  |
| 18.01 Are assets held in real estate reported less than 2.5% of the reporting entity's total admitted assets? | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 18.01 above is yes, responses are not required for the remainder of Interrogatory 18. |  |

---

Largest five investments in any one parcel or group of contiguous parcels of real estate:

---

| | | |
|:---|:---|:---|
| **Description** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | — % |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 19 Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments held in mezzanine real estate loans: |  |
| 19.01 Are assets held in investments held in mezzanine real estate loans less than 2.5% of the reporting entity's total admitted assets? | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If response to 19.01 is yes, responses are not required for the remainder of Interrogatory 19. |  |

---

Aggregate carrying value of investments held in mezzanine real estate loans:

Largest three investments held in mezzanine real estate loans:

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| | |
|:---|:---|
| **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | — % |

---

---

| | |
|:---|:---|
| 20 | Amounts and percentages of the reporting entity's total admitted assets subject to the following types of agreements:  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $— |  | $— | $— | $— |
|  | **At Year End** | **At Year End** | **At End of Each Quarter** | **At End of Each Quarter** | **At End of Each Quarter** |
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  | **1st Quarter** | **2nd Quarter** | **3rd Quarter** |
|  Securities lending agreements (do not include assets held as collateral for such transactions) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | — % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Repurchasing agreements |  |  |  |  |  |
|  Reverse repurchase agreements | 180000 | 0.5 | 107000 | 107000 | 180000 |
|  Dollar repurchase agreements |  |  |  |  |  |
|  Dollar reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

*See accompanying independent auditor's report.* 

------

##### [**Table of Contents**](#toc)
**AMERICAN NATIONAL INSURANCE COMPANY** 

**SCHEDULE III – SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES** 

**(In Thousands)** 

**Schedule III** 

**Page 6 of 6** 

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| | |
|:---|:---|
| 21 | Amounts and percentages of the reporting entity's total admitted assets for warrants not attached to other financial instruments, options, caps, and floors:  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Owned** | **Owned** | **Written** | **Written** |
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  |
|  Hedging | $— | — % | $— | — % |
|  Income generation |  |  |  |  |
|  Other |  |  |  |  |

---

---

| | |
|:---|:---|
| 22 | Amounts and percentages of the reporting entity's total admitted assets of potential exposure for collars, swap, and forwards:  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At Year End** | **At Year End** | **At End of Each Quarter** | **At End of Each Quarter** | **At End of Each Quarter** |
|  | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage**  | **1st Quarter** | **2nd Quarter** | **3rd Quarter** |
|  Hedging | $26570 | 0.1% | $10987 | $15693 | $27201 |
|  Income generation |  |  |  |  |  |
|  Replications |  |  |  |  |  |
|  Other |  |  |  |  |  |

---

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| | |
|:---|:---|
| 23 | Amounts and percentages of the reporting entity's total admitted assets of potential exposure for future contracts:  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At Year End** | **At Year End** | **At End of Each Quarter** | **At End of Each Quarter** | **At End of Each Quarter** |
|  | **Amount** | **Percentage** | **1st Quarter** | **2nd Quarter** | **3rd Quarter** |
|  Hedging | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | $— | $— | $— |
|  Income generation |  |  |  |  |  |
|  Replications |  |  |  |  |  |
|  Other |  |  |  |  |  |

---

*See accompanying independent auditor's report.*