EX-99.1 2 a2024-12x31ex991.htm EXHIBIT 99.1

    

American National Group Inc.

December 31, 2024

Financial Supplement

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Table of Contents

Financial Summary			3
GAAP Balance Sheet			4
Income Statement			5
Distributable Operating Income Reconciliation			6
Invested Assets			7
Credit Quality of Investments			8
Mortgage Loans			11
Financial Strength Ratings			13
Capitalization			14
Annuity Investment Spread			15
Annuity Cost of Funds Reconciliation			16
Annuity Sales			17
Surrender Charge Exposure			18
Legal Notice			19
Non-GAAP Financial Disclosures			20

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Financial Summary (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q4 2024						Q3 2024						Q2 2024						Q1 2024						Q4 2023						QoQ						YoY						2024						2023						YTD
Income
GAAP net income						$	638					$	(299)					$	244					$	113					$	229					313		%				179		%				$	696					$	392					78		%
Distributable operating earnings						424						360						253						199						176						18		%				141		%				1,236						579						114		%
Balance Sheet
Total assets						$	121,221					$	123,659					$	118,618					$	37,339					$	35,885					(2)		%				238		%				$	121,221					$	35,885					238		%
Total liabilities						111,193						113,677						109,361						31,272						29,986						(2)		%				271		%				111,193						29,986						271		%
Total equity						10,028						9,982						9,257						6,067						5,899						—		%				70		%				10,028						5,899						70		%
Less: AOCI						340						1,481						445						(59)						(109)						(77)		%				412		%				340						(109)						412		%
Total equity, excluding AOCI						$	9,688					$	8,501					$	8,812					$	6,126					$	6,008					14		%				61		%				$	9,688					$	6,008					61		%
						Twelve Months Ended December 31, 2024
Annuity investment spread						1.9		%

3

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GAAP Balance Sheet (Dollars in millions)
						Historical Data												Percentage Change
						December 31, 2024						December 31, 2023						YTD
Assets
Investments:
Available-for-sale fixed maturity securities, at fair value						$	47,292					$	12,877					267		%
Equity securities, at fair value						1,142						1,404						(19)		%
Mortgage loans on real estate, at amortized cost						12,117						5,658						114		%
Other invested assets						20,204						8,304						143		%
Total investments						80,755						28,243						186		%
Cash and cash equivalents						11,330						3,192						255		%
Accrued investment income						761						196						288		%
Deferred policy acquisition costs, deferred sales inducements and value of business acquired						10,631						944						NM
Reinsurance recoverables and deposit assets						10,055						427						NM
Intangible assets						1,545						44						NM
Other assets						4,801						1,650						191		%
Separate account assets						1,343						1,189						13		%
Total assets						$	121,221					$	35,885					238		%
Liabilities
Future policy benefits						$	9,170					$	6,108					50		%
Policyholders' account balances						83,079						17,177						384		%
Policy and contract claims						1,867						1,870						—		%
Market risk benefits						3,655						34						NM
Unearned premium reserve						1,044						1,139						(8)		%
Long term borrowings						2,957						1,493						98		%
Funds withheld for reinsurance liabilities						3,321						—						100		%
Other liabilities						4,757						976						387		%
Separate account liabilities						1,343						1,189						13		%
Total liabilities						111,193						29,986						271		%
Equity
Preferred stock						685						—						100		%
Additional paid-in capital						7,569						5,185						46		%
Accumulated other comprehensive income (loss), net of taxes						340						(109)						412		%
Retained earnings						1,356						716						89		%
Non-controlling interests						78						107						(27)		%
Total equity						10,028						5,899						70		%
Total liabilities and equity						$	121,221					$	35,885					238		%

Note: “NM” represents changes that are not meaningful.

4

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GAAP Income Statement (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q4 2024						Q3 2024						Q2 2024						Q1 2024						Q4 2023						QoQ						YoY						2024						2023						YTD
Revenues
Premiums						$	2,482					$	888					$	1,005					$	1,144					$	956					180		%				160		%				$	5,519					$	3,521					57		%
Other policy revenue						153						208						184						112						108						(26)		%				42		%				657						414						59		%
Net investment income						1,232						1,024						924						448						365						20		%				238		%				3,628						1,388						161		%
Investment related gains (losses)						(186)						(128)						2						(34)						26						(45)		%				(815)		%				(346)						(1)						NM
Other income						33						12						—						—						51						175		%				(35)		%				45						83						(46)		%
Total revenue						3,714						2,004						2,115						1,670						1,506						85		%				147		%				9,503						5,405						76		%
Benefits and Expenses
Policyholder benefits and claims incurred						2,399						846						1,030						1,086						883						184		%				172		%				5,361						3,289						63		%
Interest sensitive contract benefits						677						523						390						155						142						29		%				377		%				1,745						480						264		%
Amortization of DAC, DSI and VOBA						290						289						199						161						126						—		%				130		%				939						525						79		%
Change in FV of insurance-related derivatives and embedded derivatives						(440)						344						21						(19)						18						(228)		%				NM						(94)						36						(361)		%
Change in fair value of market risk benefits						(295)						134						139						19						(48)						(320)		%				(515)		%				(3)						(69)						96		%
Total benefits						2,631						2,136						1,779						1,402						1,121						23		%				135		%				7,948						4,261						87		%
Operating expenses						214						228						335						103						111						(6)		%				93		%				880						601						46		%
Interest expense						51						49						43						22						25						4		%				104		%				165						99						67		%
Total benefits and expenses						2,896						2,413						2,157						1,527						1,257						20		%				130		%				8,993						4,961						81		%
Income tax expense (benefit)						167						(77)						(289)						29						18						317		%				828		%				(170)						47						(462)		%
Net income						651						(332)						247						114						231						296		%				182		%				680						397						71		%
Less: Net income (loss) attributable to noncontrolling assets						2						(44)						(8)						1						2						105		%				—		%				(49)						5						NM
Net income (loss) attributable to American National Group Inc. stockholders						649						(288)						255						113						229						325		%				183		%				729						392						86		%
Less: Preferred stock dividends						11						11						11						—						—						—		%				100		%				33						—						100		%
Net income (loss) attributable to American National Group Inc. common stockholder						$	638					$	(299)					$	244					$	113					$	229					313		%				179		%				$	696					$	392					78		%

5

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Distributable Operating Earnings Reconciliation (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q4 2024						Q3 2024						Q2 2024						Q1 2024						Q4 2023						QoQ						YoY						2024						2023						YTD
Net income (loss)						$	638					$	(299)					$	244					$	113					$	229					313		%				179		%				$	696					$	392					78		%
Mark-to-market on investments, including reinsurance funds withheld						965						(128)						(361)						(4)						(87)						854		%				NM						472						124						281		%
Mark-to-market on insurance contracts and other net assets						(1,300)						835						577						55						—						(256)		%				(100)		%				167						(24)						796		%
Deferred income tax expense (recovery)						68						(105)						(355)						28						25						165		%				172		%				(364)						56						(750)		%
Depreciation						28						25						17						6						4						12		%				600		%				76						19						300		%
Transaction costs						25						32						131						1						5						(21)		%				408		%				189						12						NM
Distributable operating earnings (a)						$	424					$	360					$	253					$	199					$	176					18		%				141		%				$	1,236					$	579					114		%
Pre-Tax Distributable Operating Earnings by Segment
Annuities						$	346					$	404					$	291					$	105					$	80					(14)		%				334		%				$	1,146					$	392					192		%
Property & casualty (P&C)						81						27						(10)						49						73						200		%				11		%				147						26						465		%
Life						41						52						56						57						52						(21)		%				(21)		%				206						203						2		%
Pre-tax segment distributable operating earnings (a)						468						483						337						211						205						(3)		%				129		%				1,499						621						142		%
Pre-tax corporate and other DOE						(4)						(51)						(27)						14						(28)						92		%				86		%				(68)						(38)						(80)		%
Income tax expense						(40)						(72)						(57)						(26)						(1)						45		%				NM						(195)						(4)						NM
Distributable operating earnings (a)						$	424					$	360					$	253					$	199					$	176					18		%				141		%				$	1,236					$	579					114		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 20.

6

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Invested Assets (Dollars in millions)
						December 31, 2024																		December 31, 2023
						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)						GAAP Carrying Value						Book Value						Unrealized Gain/(Loss)
Invested Assets
Investments:
U.S. treasury and government						$	86					$	87					$	(1)					$	62					$	63					$	(1)
U.S. states and political subdivisions						3,182						3,174						8						578						594						(16)
Foreign governments						1,539						1,566						(27)						9						9						—
Corporate debt securities						30,918						30,869						49						10,784						11,144						(360)
Residential mortgage-backed securities						854						836						18						126						131						(5)
Commercial mortgage-backed securities						2,687						2,646						41						—						—						—
Collateralized debt securities						5,067						5,023						44						1,318						1,340						(22)
Total fixed maturity, available-for-sale						44,333						44,201						132						12,877						13,281						(404)
Equity securities:
Common and preferred stock						1,120						1,176						(56)						1,404						1,319						85
Private equity and other						4						4						—						—						—						—
Total equity securities						1,124						1,180						(56)						1,404						1,319						85
Other investments:
Mortgage loans on real estate, net of allowance						12,055						12,055						—						5,658						5,658						—
Private loans, net of allowance						5,653						5,653						—						194						194						—
Real estate and real estate partnerships						4,992						4,992						—						3,611						3,611						—
Investments funds						3,015						3,015						—						1,592						1,592						—
Policy loans						274						274						—						390						390						—
Short-term investments						4,176						4,176						—						2,397						2,397						—
Other invested assets						2,014						2,014						—						120						120						—
Total investments, net of coinsurance funds withheld investments						77,636						77,560						76						28,243						28,562						(319)
Coinsurance funds withheld investments (a)						3,119						3,086						33						—						—						—
Total investments						$	80,755					$	80,646					$	109					$	28,243					$	28,562					$	(319)

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

7

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Credit Quality of Investments (Dollars in millions)
						December 31, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Assets with NAIC Designation
Fixed maturities, available-for-sale, at fair value:
1						$	25,699					32		%				$	6,216					22		%
2						16,521						21		%				5,797						21		%
3						1,473						2		%				583						2		%
4						329						—		%				93						—		%
5						117						—		%				25						—		%
6						2						—		%				4						—		%
Total fixed maturities, available-for-sale						44,141						55		%				12,718						45		%
Assets without NAIC Designation
Fixed maturities, at fair value						192						—		%				159						1		%
Equity securities, at fair value						1,124						1		%				1,404						5		%
Mortgage loans						12,055						15		%				5,658						20		%
Private Loans						5,653						7		%				194						1		%
Real estate and real estate partnerships						4,992						6		%				3,611						13		%
Investment funds						3,015						4		%				1,592						6		%
Policy loans						274						—		%				390						1		%
Short-term investments						4,176						5		%				2,397						8		%
Other invested assets						2,014						3		%				120						—		%
						33,495						41		%				15,525						55		%
Total investments, net of coinsurance funds withheld investments						77,636						96		%				28,243						100		%
Coinsurance funds withheld investments (a)						3,119						4		%				—						—		%
Total investments						$	80,755					100		%				$	28,243					100		%

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

8

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Credit Quality of Investments - Detail (Dollars in millions)
						December 31, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Available-for-sale:
U.S. treasury and government (a)						$	86					—		%				$	62					—		%
U.S. states and political subdivisions (a)						3,182						7		%				578						5		%
Foreign governments (a)						1,539						3		%				9						—		%
Corporate debt securities						30,918						65		%				10,784						84		%
Residential mortgage-backed securities						854						2		%				126						1		%
Commercial mortgage-backed securities						2,687						6		%				—						—		%
Collateralized debt securities						5,067						11		%				1,318						10		%
Total fixed maturities, available-for-sale, net of coinsurance funds withheld investments						44,333						94		%				12,877						100		%
Coinsurance funds withheld investments (b)						2,959						6		%				—						—		%
Total fixed maturities, available-for-sale						$	47,292					100		%				$	12,877					100		%
Corporate debt securities
NAIC designation
1						$	14,708					48		%				$	4,682					44		%
2						14,707						48		%				5,390						51		%
3						1,051						3		%				466						4		%
4						260						1		%				70						1		%
5						62						—		%				15						—		%
6						—						—		%				2						—		%
Total U.S. corporate debt securities (c)						$	30,788					100		%				$	10,625					100		%
Residential mortgage-backed securities
NAIC designation
1						$	806					95		%				$	66					52		%
2						7						1		%				37						29		%
3						27						3		%				22						18		%
4						11						1		%				—						—		%
5						2						—		%				1						1		%
6						1						—		%				—						—		%
Total Residential mortgage-backed securities						$	854					100		%				$	126					100		%
Commercial mortgage-backed securities
NAIC designation
1						$	2,339					89		%				$	—					—		%
2						184						7		%				—						—		%
3						37						2		%				—						—		%
4						34						1		%				—						—		%
5						30						1		%				—						—		%
6						1						—		%				—						—		%
Total Commercial mortgage-backed securities (d)						$	2,625					100		%				$	—					—		%

9

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Credit Quality of Investments - Detail (Dollars in millions)
						December 31, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Collateralized debt securities
NAIC designation
1						$	3,417					68		%				$	878					67		%
2						1,306						26		%				316						24		%
3						324						6		%				95						7		%
4						19						—		%				23						2		%
5						1						—		%				5						—		%
6						—						—		%				1						—		%
Total Collateralized debt securities						$	5,067					100		%				$	1,318					100		%

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

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

(c)Excludes residual tranche securities that are not rated with a carrying value of $102 million at December 31, 2024 and $159 million at December 31, 2023. Also excludes $28 million of investments in variable interest entities not directly held by American National Group Inc. at December 31, 2024 and $0 million at December 31, 2023.

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

10

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Mortgage Loans (Dollars in millions)
						December 31, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans
Apartment						$	2,276					24		%				$	1,091					19		%
Hotel						1,246						13		%				966						17		%
Industrial						1,846						19		%				1,052						18		%
Office						1,425						15		%				999						17		%
Parking						326						3		%				414						7		%
Retail						1,572						16		%				781						14		%
Storage						176						2		%				118						2		%
Agricultural						447						5		%				—						—		%
Other						200						2		%				290						5		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						9,514						99		%				5,711						100		%
Coinsurance funds withheld investments (b)						62						1		%				—						—		%
Total commercial mortgage loans						$	9,576					100		%				$	5,711					100		%
Non-performing commercial mortgage loans
Total non-performing commercial mortgage loans						$	117					1		%				$	15					—		%

(a)Total commercial mortgage loans, net of coinsurance funds withheld investments excludes the allowance for credit losses of $146 million and $53 million at December 31, 2024 and December 31, 2023, respectively.

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

11

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Mortgage Loans - Exposure (Dollars in millions)
						December 31, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans - Exposure by LTV
0-50%						$	3,297					35		%				$	1,642					29		%
50-60%						3,055						33		%				1,539						27		%
60-70%						2,654						28		%				2,229						39		%
70% +						314						3		%				301						5		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						9,320						99		%				5,711						100		%
Coinsurance funds withheld investments (b)						62						1		%				—						—		%
Total commercial mortgage loans (c)						$	9,382					100		%				$	5,711					100		%
Average LTV						49		%										53		%
						December 31, 2024												December 31, 2023
						GAAP Carrying Value						% of GAAP Carrying Value						GAAP Carrying Value						% of GAAP Carrying Value
Commercial Mortgage Loans - Exposure by CM Rating
CM1						$	3,777					40		%				$	1,415					25		%
CM2						3,176						34		%				2,608						46		%
CM3						2,047						22		%				1,393						24		%
CM4						186						2		%				280						5		%
CM5						84						1		%				15						—		%
CM6						49						—		%				—						—		%
CM7						1						—		%				—						—		%
Total commercial mortgage loans, net of coinsurance funds withheld investments (a)						9,320						99		%				5,711						100		%
Coinsurance funds withheld investments (b)						62						1		%				—						—		%
Total commercial mortgage loans (c)						$	9,382					100		%				$	5,711					100		%
Median CM Rating						CM2												CM2

(a)Total commercial mortgage loans, net of coinsurance funds withheld investments excludes the allowance for credit losses of $146 million and $53 million at December 31, 2024 and December 31, 2023, respectively.

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

(c)Excludes $194 million of investments in variable interest entities not directly held by American National Group, Inc.’s regulated insurance entities at December 31, 2024.

12

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Financial Strength and Credit Ratings (Dollars in millions)

Financial Strength Ratings

AM Best

Standard & Poor's

Fitch

Line of Business

December 31, 2024 Statutory Liability Balance

American Equity Investment Life Insurance Company

A

A

A-

Life & retirement

$

57,949

American National Insurance Company

A

A

A

Life & retirement

33,507

Eagle Life Insurance Company

A

A

A-

Life & retirement

3,815

American National Life Insurance Company of New York

A

A

A

Life & retirement

2,140

American Equity Life Insurance Company of New York

A

-

A-

Life & retirement

82

American National Property and Casualty Company

A

-

-

Property & casualty

1,197

Farm Family Casualty Insurance Company

A

-

-

Property & casualty

1,155

United Farm Family Insurance Company

A

-

A-

Property & casualty

106

American National General Insurance Company

A

-

-

Property & casualty

79

American National Lloyds Insurance Company

A

-

-

Property & casualty

54

American National County Mutual Insurance Company

A

-

-

Property & casualty

12

American National Life Insurance Company of Texas

A

-

-

Life & retirement

12

Garden State Life Insurance Company

Au

-

-

Life & retirement

8

Credit ratings

American National Group Inc.

-

BBB

BBB+

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Capitalization (Dollars in millions)
						Amount						% Total Capitalization						Facility Ratings (S&P / Fitch)						Rates						Issue Date						Maturity
Term Loan						$	1,297					10		%										SOFR + 1.25%						May 2024						May 2027
Senior Unsecured Bonds - 144A						496						4		%				BBB / BBB						6.14%						June 2022						June 2032
Senior Unsecured Bonds - SEC Registered						485						4		%				BBB / BBB						5.00%						June 2017						June 2027
Senior Unsecured Bonds - SEC Registered						595						5		%				BBB / BBB						5.75%						October 2024						October 2029
Subordinated Debentures						84						1		%										5.00%						October 1999						June 2047
Total Long Term Borrowings						2,957						24		%
Perpetual Preferred Shares - Series A (a)						389						3		%				BB+ / BB+						8.57%						November 2019						Perp rate reset
Perpetual Preferred Shares - Series B (b)						296						3		%				BB+ / BB+						6.63%						June 2020						Perp rate reset
Total Common Stockholders' Equity						9,343						74		%
Total Equity						10,028						80		%
Accumulated Other Comprehensive Income (AOCI)						340						3		%
Non-Controlling Interests (NCI)						78						1		%
Total Equity, Excluding AOCI and NCI (c)						9,610						76		%
Total Capitalization, Excluding AOCI and NCI (c)						$	12,567					100		%

(a)Series A was redeemed on February 24, 2025 using cash on hand and proceeds from the issuance of 12,000 shares of Series D preferred stock which were issued on January 10, 2025 with a rate of 7.38% .

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

(c)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 20.

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Annuity Investment Spread (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q4 2024						Q3 2024						Q2 2024						Q1 2024						Q4 2023						QoQ						YoY						2024						2023						YTD
Non-GAAP net investment income (a)						$	1,083					$	1,021					$	740					$	282					$	274					6		%				295		%				$	3,126					$	983					218		%
Cost of funds						748						616						449						178						194						21		%				286		%				1,991						598						233		%
Total net investment spread						$	335					$	405					$	291					$	104					$	80					(17)		%				319		%				$	1,135					$	385					195		%
Average invested assets						$	74,356					$	69,878					$	70,233					$	26,991					$	24,965					6		%				198		%				$	74,356					$	24,965					198		%
						Twelve months ended December 31, 2024
Yield on net invested assets						5.2		%
Aggregate cost of funds						3.3		%
Total net investment spread						1.9		%

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 20. The net impact of the adjustments disclosed on page 20 were $149 million in Q4 2024, $3 million in Q3 2024, $184 million in Q2 2024, $166 million in Q1 2024, and $91 million in Q4 2023.

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Reconciliation of Benefits and Expenses to Cost of Funds (Dollars in millions)
						Historical Data																																				Year-to-Date
						Q4 2024						Q3 2024						Q2 2024						Q1 2024						Q4 2023																		2024						2023
US GAAP benefits and expenses						$	2,896					$	2,413					$	2,157					$	1,527					$	1,257																	$	8,993					$	4,956
Premiums						(2,482)						(888)						(1,005)						(1,144)						(956)																		(5,519)						(3,521)
Product charges						(153)						(208)						(184)						(112)						(108)																		(657)						(414)
Change in fair value of insurance-related derivatives and embedded derivatives						440						(344)						(21)						19						(18)																		94						(36)
Change in fair value of MRB - capital market impacts						429						(123)						(115)						(19)						48																		172						69
Policy and other operating expenses						(337)						(169)						(95)						(16)						24																		(617)						37
Premiums, benefits, and expenses on non-annuity segments						(45)						(65)						(288)						(77)						(53)																		(475)						(493)
Total adjustments to arrive at cost of funds						(2,148)						(1,797)						(1,708)						(1,349)						(1,063)																		(7,002)						(4,358)
Total annuity cost of funds (a)						$	748					$	616					$	449					$	178					$	194																	$	1,991					$	598

(a)See definitions of Non-GAAP measures in the Non-GAAP Financial Disclosures section on page 20.

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Annuity Sales (Dollars in millions)
						Historical Data																														Percentage Change												Year-to-Date												Percentage Change
						Q4 2024						Q3 2024						Q2 2024						Q1 2024						Q4 2023						QoQ						YoY						2024						2023						YTD
Gross Annuity Sales
Retail
Fixed Index						$	1,797					$	2,027					$	1,483					$	167					$	119					(11)		%				NM						$	5,474					$	393					NM
Fixed Rate						916						1,799						1,522						695						310						(49)		%				196		%				4,932						3,921						26		%
Variable (a)						16						17						14						16						15						(6)		%				7		%				63						63						—		%
Total Retail Annuities						2,729						3,843						3,019						878						444						(29)		%				515		%				10,469						4,377						139		%
Institutional
Pension Risk Transfer						1,918						289						273						671						308						564		%				523		%				3,151						1,008						213		%
Total Institutional Annuities						1,918						289						273						671						308						564		%				523		%				3,151						1,008						213		%
Total Gross Annuity Sales (b)						4,647						4,132						3,292						1,549						752						12		%				518		%				13,620						5,385						153		%
Ceded						(3)						(10)						(25)						—						—						70		%				(100)		%				(38)						—						(100)		%
Total Net Annuity Sales						$	4,644					$	4,122					$	3,267					$	1,549					$	752					13		%				518		%				$	13,582					$	5,385					152		%

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

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

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Surrender Charge Exposure (Dollars in millions)
						Q4 2024												Q4 2023
						Account Value (a)						Average Surrender Charge						Account Value (a)						Average Surrender Charge
Years of surrender charge remaining (b)
No surrender charge remaining						$	8,430					—		%				$	3,205					—		%
Greater than 0 to less than 3						13,665						4		%				950						2		%
3 to less than 6						15,822						7		%				2,142						4		%
6 to less than 9						24,225						12		%				8,223						8		%
9 or greater						12,123						13		%				651						10		%
						$	74,265					8		%				$	15,171					5		%

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

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

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Legal Notice

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

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

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

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

Past performance is not indicative of future results.

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

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Non-GAAP Financial Disclosures

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

Distributable Operating Earnings

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

Total Equity, Excluding AOCI and NCI and Total Capitalization, Excluding AOCI and NCI

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

Non-GAAP Net Investment Income

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

Annuity Cost of Funds

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

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